Turnkey Risk Solutions (TRS), a risk management company, today announced a strategic agreement with Equifax Inc. to help organizations target and prevent emerging identity (ID) fraud threats. TRS will combine the company's proprietary Figmentum Analytical Algorithms with unique Equifax data assets to deliver a holistic suite of solutions specifically designed to target emerging fraud threats.
McKinsey reports that estimates of fraud costs are higher than they may appear. Notably, for every dollar of fraud loss, a financial institution loses three dollars when the associated costs are considered. The financial services industry is not alone. Fraud, and its associated costs, impacts a wide range of companies from healthcare, insurance, utilities and other industries. Sophisticated fraudsters exploit the weakness in controls and channels to harvest data they need to launch identity-based fraud wherever possible. As weaknesses are discovered, new tactics emerge.
"Our relationship with TRS is based on their strong understanding of the various tactics used by individuals to commit First Party Fraud," said Joy Wilder Lybeer, United States Information Solutions (USIS) Chief Revenue Officer and Senior Vice President of Global Partnerships at Equifax. "When it comes to combating emerging fraud threats, smarter insights are required for smarter actions. We work closely with partners like TRS to provide the unique data insights needed to address the fraud challenges companies of all kinds face today."
The combination of TRS modeling expertise and Equifax data for fraud solutions enables TRS to apply advanced fraud counter measures to emerging next-generation threats using centralized technology, data and box solution approaches. This powerful approach is designed to detect complex identity risk issues throughout the entire customer lifecycle, from onboarding through portfolio servicing with minimal customer friction.
"We are committed to providing best in class solutions developed by business practitioners for business practitioners," said Amy Walraven, Founder and President, Turnkey Risk Solutions. "Equifax has the unique data assets and delivery platforms to allow us to be more competitive, while at the same time identifying and remediating the evolving fraud threats. We look forward to working with Equifax to deliver market-leading financial fraud service options that are appropriate for our customers."
ABOUT TURNKEY RISK SOLUTIONS
Turnkey Risk Solutions (TRS) is a fraud solutions provider led by recognized subject-matter-experts utilizing their extensive analytical, investigative, and operational experience to develop and implement next generation algorithms, scoring models, and techniques to combat emerging fraud threats. Its proprietary Figmentum Suite of Solutions provides holistic tools and services that helps protect organizations from a vast array of First Party Fraud risks. These next generation fraud products have helped mitigate identity risk throughout the customer lifecycle and can be leveraged to provide more robust Anti-Money Laundering (AML) and Know-Your-Customer (KYC) compliance while minimizing customer friction.
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