) recently offered guidance to guard against the growing menace
of identity theft or fraud. Approximately 12.6 million people
were affected by identity theft in 2013, according to a survey
conducted by Javelin Strategy & Research.
To counter this problem, Equifax has suggested using upgraded
security features in smartphones and tablets for social as well
as professional purposes, which significantly lower the chances
of personal information falling into wrong hands.
Moreover, checking for credit reports and going though the
debit and credit card statements thoroughly are helpful in
detecting any discrepancy in the transactions. Sharing social
security number over the phone or through unsecured channels has
been advised against.
Additionally, customers can avail Equifax's various services
within the Identity and Fraud product suite. These help in
screening, verification and authentication tools, which in turn
will mitigate fraud, protect privacy and reduce data loss,
thereby enhancing user acceptance and satisfaction with online
Equifax Identity and Fraud Solutions (IFS) help to reduce
fraud and manage risks in both private and public sectors,
thereby creating a secure environment. This, in turn, is expected
to help Equifax to expand its customer base and market share.
It is worth noting that more than 70% of the customers use
Equifax fraud, ID verification or authentication tools to
mitigate online fraud. Moreover, per American Banker, nine out of
the top ten banks turn to Equifax for advanced fraud solutions
while booking new accounts.
Equifax's focus on product innovation, broadening of data
assets through acquisitions and continued share gains in North
America are encouraging. We believe Equifax is well positioned to
benefit from its leadership in important markets and strength in
Given the company's strong correlation with the consumer and
financial markets as well as its U.S. and European exposure, we
see a gradual improvement in results. Competition from
Automatic Data Processing, Inc.
Dun & Bradstreet Corp
) are, however, a concern.
Currently, Equifax has a Zacks Rank #2 (Buy).
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