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FIS and Equifax Unveil OnlyID, Advanced Protection Against Financial Fraud and Identity Theft
August 23, 2017
- FIS and Equifax jointly created OnlyID, a digital authentication solution that helps protect consumers’ identities and allows them to securely make transactions across multiple online accounts.
- Without need of passwords, consumers access OnlyID with a single registered identity through their preferred financial institutions and e-retailers that join the OnlyID Network.
- The OnlyID Network consists of authenticated consumers who use a universal digital representation of their identity to interact with businesses in the network.
JACKSONVILLE, Fla., Aug. 23, 2017 – FIS™ (NYSE: FIS), a global leader in financial services technology, and global information solutions company Equifax® (NYSE: EFX) have teamed up to improve consumer experiences by bringing new levels of convenience and security to consumers challenged with maintaining multiple usernames and passwords to protect themselves from financial fraud and identity theft.
The two companies jointly offer OnlyID, an identity verification solution that provides a higher level of account protection and personal control through a single, secure digital log-in, consisting of the consumer’s thumbprint or another unique identifier. This identity solution, which can be used across multiple accounts, will be offered by financial institutions and e-retailers who participate in the OnlyID Network. In addition to providing security and convenience to consumers, OnlyID benefits financial institutions and businesses by helping them reduce fraud claim costs, provide better digital experiences and increase consumer loyalty.
“Imagine if you no longer needed passwords to protect your digital identity because you had a unique, protected identifier that only you could use at the places where you bank and shop,” said Bruce Lowthers, head of FIS Payments. “OnlyID from FIS and Equifax brings the power of advanced authentication technologies to make consumers’ financial lives simpler, while providing secure protection against fraud.”
“OnlyID combines powerful predictive analytics with risk scoring models that generate a frictionless fraud assessment, without disruption to consumers or businesses,” said Trey Loughran, president USIS, Equifax. “Our collective unique data assets, innovation and depth of expertise across Equifax and FIS enabled us to create a solution that will advance digital security over the web and via mobile devices.”
“Passwords not only provide little security, they also result in cumbersome and clunky user experiences, particularly in the mobile environment,” said Julie Conroy, research director, Aite Group. “The next generation of digital security leverages authenticators such as device-based security and biometrics, which provide greater levels of security as well as a better consumer experience.”
Equifax and FIS, both trusted data stewards with powerful identity authentication and analytics capabilities, deliver anti-fraud solutions to thousands of financial institutions. This joint effort will advance digital security and uniquely positions them to deliver a powerful, universal authentication service through OnlyID. The two companies plan to co-market the OnlyID solution to banks, credit unions, retailers, telecommunications providers, utilities and other businesses.
For more information about OnlyID from FIS and Equifax, visit MyOnlyID.com.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor’s (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,900 employees worldwide.
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’ historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products, technology and outsourcing solutions, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2016, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.
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