CredolabSingapore-based CredoLab has partnered with iovation, a firm specializing in device-based fraud detection and authentication solutions. Under the partnership, CredoLab will 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.

CredoLab is a developer of bank-grade digital credit scorecards based on anonymous smartphone metadata, while iovation is owned by American consumer credit reporting agency TransUnion.

CredoLab will leverage iovation’s FraudForce with CredoLab’s CredoApp, CredoApply and CredoSDK, it said in a statement. FraudForce helps banks and lenders distinguish fraudulent from legitimate transactions by evaluating associated accounts and devices, past device history, and suspicious device behaviors. The addition of FraudForce will reinforce CredoApply, the 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.

“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,” said Peter Barcak, CEO and co-founder of CredoLab.

“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,” said iovation Vice President of Global Partnerships, Ed Wu. “We’re looking forward to helping CredoLab empower its customers to make sound credit decisions through the power of device intelligence,” Barcak said.

This partnership supports CredoLab’s mission to work with banks and non-bank lenders to improve financial inclusion and access to credit for consumers and small businesses left out of the traditional financial system. The integration of iovation’s FraudForce with CredoApp, CredoApply and CredoSDK will offer banks and lenders the ability to evaluate potential customers in a secure, transparent and cost-effective manner, it said in a statement.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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