Singapore-based alternative credit scoring fintech CredoLab has partnered with US software firm iovation to fight credit fraud.

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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Under the collaboration, CredoLab will integrate iovation’s technology to reduce fraudulent loan and credit card applications as well as optimise digital customer onboarding for banks and non-bank lenders globally.

iovation’s FraudForce will be used with CredoLab’s CredoApp, CredoSDK and CredoApply.

FraudForce examines associated accounts and devices, past device history, and suspicious device behaviors to help banks and lenders differentiate fraudulent from legitimate transactions.

The addition of FraudForce will strengthen CredoApply, the digital onboarding mobile app, which offers superior device intelligence featuring 45 application fraud checks, home and work address verification, employment verification, KYC documents collection and alternative credit scoring.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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

iovation said that from 2015 to 2018, a 575% increase in online synthetic identity fraud was documented against its financial services customers.

iovation vice president of global partnerships Ed Wu said: “We’re looking forward to helping CredoLab empower its customers to make sound credit decisions through the power of device intelligence.”