CredoLab partners with iovation to tackle credit fraud

CredoLab, a Singapore-based developer of digital credit scorecards based on anonymous smartphone metadata, has partnered with fraud and authentication specialists iovation.

The new found partnership will see CredoLab integrate iovation’s solutions into its products to help reduce fraudulent loan and credit card applications, while also improving its digital customer onboarding for banks and non-bank lenders worldwide.

CredoLab is leveraging iovation’s FraudForce with CredoLab’s CredoApp, CredoApply and CredoSDK. 

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

FraudForce enables banks and lenders to distinguish fraudulent from legitimate transactions by evaluating associated accounts and devices, past device history, and suspicious device behaviors.

CredoLab believe partnering with iovation also shows its continued effort to work with banks and non-bank lenders in improving financial inclusion.

“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,” added 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.”