Alternative credit scoring FinTech CredoLab has signed a partnership with iovation, the reputation insights company specializing in device-based fraud detection, to fight credit fraud.
The partnership will see CredoLab integrate iovation’s technology into its own to reduce fraudulent loan and credit card applications while optimizing digital customer onboarding for banks and non-bank lenders worldwide.
Peter Barcak, CEO and co-founder of CredoLab, said, “Credit scoring has moved beyond the traditional to include understanding and interpreting repayment behaviour through a combination of traditional and smartphone data points. iovation provides next generation digital data analysis to help confidently identify good customers and fraudsters.”
Ed Wu, vice president of global partnerships at iovation, also commented on the partnership with the Singapore-based company. “As credit applications increasingly go online so does fraud,” he said. “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.”
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