Fintech firm FIS has teamed up with Equifax to launch a new digital authentication solution that will enable consumers to make transactions securely across different online accounts.

The new solution, dubbed OnlyID, will allow users to counter financial fraud and identity theft by offering them a single log-in, which comprises their thumbprint or another unique identifier.

The solution will also help firms to lower fraud claim costs and boost consumer loyalty, the companies said.

OnlyID can be provided by financial institutions and e-retailers participating in the OnlyID Network. Both FIS and Equifax plan to co-market the solution to banks, credit unions, retailers, telecommunications providers, utilities along with other businesses.

Equifax president USIS Trey Loughran said: “OnlyID combines powerful predictive analytics with risk scoring models that generate a frictionless fraud assessment, without disruption to consumers or businesses.

“Our collective unique data assets, innovation and depth of expertise across Equifax and FIS enabled us to create a solution that will advance digital security over the web and via mobile devices.”