Synthetic Identity Fraud - Theft Detection
$1.3 Billion
53%
2011
Synthetic identity fraud – a type of fraud scheme that uses fabricated identities – is growing fast with banks and digital merchants most vulnerable. If you don’t catch synthetic identity accounts early, they can be very difficult to catch because they exhibit all the behaviors of an ideal customer. Detect synthetic IDs before they cause significant and unexpected losses by scrutinizing identity factors at account creation. Fraud.net’s global transaction network can sort out the highest risk synthetic identity thieves. Read our deep dive into synthetic identity theft.
Recommended Products & Solutions for Synthetic Identity Fraud
A user-friendly case management portal that allows you to set your own rules and review transactions efficiently and accurately.
Machine learning models are expertly engineered with the nuances of your business and industry already built in.
Visualize your real-time data to extract actionable insights, isolate risk and improve your business processes.
Shield serves as your early warning system by detecting malicious bots, fraudsters and other bad actors as they arrive on your site.
Monitor third-party data sources to benchmark your company’s performance including risk intelligence on payment methods, dark web data, IPS vulnerabilities and marketing channels.
Confirm users credentials through login scoring, multi-factor authentication or out-of-band applications.
How do you steal using an identity that doesn't exist?
‘Synthetic Identity’ fraud — a group scheme that uses a completely or partly fake identity — is on the rise and hitting financial institutions especially hard. Specifically, fraudsters manufacture IDs to obtain credit cards and other lines of credit, then diligently pay their bills for long periods of time, sometimes many years. Once their credit limits have been raised to a certain threshold, they “bust out”, spending all the available credit, then disappear.
The Power of Getting Identity Right
Organizations are challenged on many fronts in their efforts to protect their customers and their businesses against fraud. The increasing growth and complexity of digital commerce leaves merchants and financial services firms vulnerable to cybercriminals and requires that organizations continue to innovate their security and fraud prevention policies across all digital channels.
But once your organization can accurately confirm the identity of your new website visitor, applicant or customer, the virtuous cycle begins. Use Fraud.net’s Identity Services to identify and remove the <1% of fraudulent and high-risk users so that you can focus on thrilling the >99% of high-trust customers.
