CredoLab, a Singapore-based fintech provider of mobile-based alternative credit scoring solutions for banks, consumer finance companies, and retailers, announced on Tuesday it has formed a new partnership with iovation, a TransUnion company, specializing in device-based fraud detection and authentication solutions.
CredoLab reported that through the partnership it will be using iovation’s FraudForce with its CredoApp, CredoApply, and CredoSDK. FraudForce notably helps banks and lenders distinguish fraudulent from legitimate transactions by evaluating associated accounts and devices, past device history, and suspicious device behaviors.
“With the addition of FraudForce, CredoApply becomes an even stronger digital onboarding mobile app. CredoApply provides superior device intelligence encompassing 45 application fraud checks, home, and work address verification, employment verification, KYC documents collection, and alternative credit scoring. It is able to turn even unbanked users’ ‘thin files’ into ‘thick files.'”
Speaking about the partnership, Peter Barcak, CEO and co-founder of CredoLab, stated:
“Credit scoring has moved beyond the traditional to include understanding and interpreting repayment behavior through a combination of traditional and smartphone data points. iovation provides next generation digital data analysis to help confidently identify good customers and fraudsters.”
iovation Vice President of Global Partnerships, Ed Wu, added:
“As credit applications increasingly go online so does fraud. In fact, iovation documented a 575% increase in online synthetic identity fraud against our financial services customers from 2015 to 2018. We’re looking forward to helping CredoLab empower its customers to make sound credit decisions through the power of device intelligence.”