Equifax partners with Proof of ID to facilitate secure digital identity sharing in Canada
In an exciting development for the Canadian digital banking sector, Proof Of ID, a leading identity verification platform, has integrated with Equifax, the global data, analytics, and technology company. This partnership is set to revolutionize the onboarding process for financial institutions in Canada, offering a more secure, efficient, and compliant solution in the evolving Open Banking landscape.
The integration of Proof Of ID with Equifax's advanced data, AI, and integration capabilities presents a transformative solution for onboarding and fraud mitigation. Financial institutions can now conduct extensive automated identity validation checks during onboarding, ensuring the seamless and rapid verification of customers’ true identities.
One of the key benefits of this integration is the combat against fraud, particularly synthetic identity fraud. Equifax’s FraudIQ Synthetic ID Alerts use patent-pending algorithms to detect suspicious identity attributes, providing immediate, actionable insights to prevent fraudulent accounts from being approved.
Moreover, the partnership goes beyond simple data checking, employing behavior modeling and extensive proprietary data to improve the ability to distinguish legitimate customers from sophisticated fraudsters. This multi-layered fraud defense is critical given the reported rise of synthetic and bot-originated fraudulent accounts within digital financial services.
Ensuring regulatory compliance in Open Banking is another significant advantage of the integration. Proof Of ID, aligned with Canada's KYC/AML standards, supports adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations by thoroughly verifying customer identities and validating income/employment via platforms like Equifax’s Work Number®.
The integration also allows for real-time encryption, tokenization, and validation of digital ID sharing, replacing vulnerable centralized databases with fast, secure, and reliable identity assurance. This ensures sensitive identity data moves securely and compliantly with Open Banking in Canada.
Canadians will also benefit from unprecedented control over their financial data with Open Banking. Proof Of ID enables seamless sharing of identity data with third-party providers for tailored services, while maintaining privacy and security.
Francois Roukoz, founder of Proof Of ID, expressed his excitement about bringing this vision to life and supporting Canada's digital banking evolution. He stated that the integration with Equifax provides financial institutions with a tool to verify identities faster, cut fraud, and stay compliant.
Proof Of ID is an Event Partner of Open Banking Expo Canada 2025, where it will showcase how the new integration empowers financial institutions and consumers alike. The event, taking place on June 17 in Toronto, will provide an opportunity for industry leaders to learn about the latest developments in digital banking and identity verification.
In summary, the integration of Proof Of ID with Equifax offers a transformative solution for Canadian financial institutions, enabling faster customer acceptance, robust anti-fraud measures, and seamless compliance within the evolving Open Banking ecosystem. Manual uploads are no longer needed, ensuring a smoother, more secure onboarding process for all parties involved.
The integration of Proof Of ID with Equifax's advanced technology enhances the onboarding process for Canadian financial institutions, providing a more secure and compliant solution in the Open Banking landscape. This partnership employs behavior modeling and extensive proprietary data to combat fraud, particularly synthetic identity fraud, and ensures regulatory compliance by adhering to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Furthermore, Proof Of ID is an Event Partner of Open Banking Expo Canada 2025, where it will demonstrate how the new integration empowers financial institutions and consumers alike.
