FIS and Equifax unveil OnlyID
23 August 2017 15:01 GMT

Financial services tech firm FIS and identity company Equifax have launched a product that aims to tackle financial fraud and identity theft.

The firms say OnlyID is 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.

In a statement, they added that 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.”