Identity authentication and fraud mitigation service provider, Equifax, has revealed that its identity proofing platform has achieved FICAM Level of Assurance 3 (LOA3). Equifax’s solution has also been named an Identity Proofing Component member of the SAFE-BioPharma Trust Framework.
Equifax’s FICAM Assurance Level 3 demonstrates the company’s ability to protect user identities and agency data, while also working to reduce loss associated with fraud, waste and abuse.
Equifax’s identity proofing platform is compatible with electronic ID credentials at NIST LOA2 and LOA3 by SAFE-BioPharma— a U.S. Government-approved Trusted Framework provider. Certification with SAFE-BioPharma certification ensures that identity credentials can be trusted and used at known levels of assurance by any U.S. federal agency.
A major motivator for Equifax’s LOA3 approval is a White House initiative to make online transactions more dependable. The initiative — dubbed the National Strategy for Trusted Identities in Cyberspace — seeks to safeguard individuals, businesses and public agencies alike from the perils of cyber-crimes like identity theft and fraud. It is a delicate balancing act, however, as the initiative wants to maintain the Internet’s innovative qualities, namely as a thriving marketplace of solutions and ideas.
Equifax has been a provider of fraud detection and identity proofing for some time. Among the first organizations to be approved at LOA 1, Equifax is a founding member of the Open Identity Exchange, which worked alongside the General Services Administration in the establishment of identity proofing requirements for the various levels of service components.