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SynthID® Portfolio Analyzer can help identify your level of Synthetic Identity Fraud exposure today

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What Lurks in Your Portfolio?

SynthID® Portfolio Analyzer can help identify your level of Synthetic Identity Fraud exposure today.
What is Synthetic Identity Fraud?

In SIF schemes, criminals use a combination of real and falsified data to create and cultivate fictitious accounts as a precursor to subsequent fraud and criminal activity. This cobbling together of personal information makes the fraudulent activity difficult and time consuming to detect. Synthetic ID’s behave like legitimate accounts and may not be flagged as suspicious using traditional fraud detection models. This allows fraudsters to cultivate these fake identities, build positive credit histories, and increase their borrowing or spending power before “busting out” – maxing out their credit lines with no intention to repay-security threats and potential risks to the financial system at large.

As detailed in The Federal Reserve White Paper, Mitigating Synthetic Identity Fraud in the U.S. Payment System. 

SynthID® Portfolio Analyzer

Whether you want to investigate your current portfolio of open accounts for potential fraud or examine your portfolio of recent charge-offs to determine what percent is bad debt and what percent is fraud, SynthID® Portfolio Analyzer can provide those answers. 

For a portfolio of charge-offs you can use SynthID® Portfolio Analyzer to prioritize the charged-off accounts so that Collection Teams can focus their collection efforts on collectable accounts and not waste valuable resources on accounts that will never be recouped. 

For current loan portfolios with active accounts, SynthID® Portfolio Analyzer determines how much SIF may be in the portfolio allowing our Clients to take action early before the fraudsters “Bust Out” as they do with SIF and prevent potential losses.

Do you know how much fraud lurks in your loan portfolio?  Probably not.

SynthID® Portfolio Analyzer can help you identify what you do not know today.

Synthetic Identity fraudsters could be in your loan portfolio today.  “Bust Out” could have already happened and they are buried in your charge offs representing bad debt. 

Federal Reserve SIF Industry Focus Group

Synthetic Identity fraud is significantly underreported because most small and medium banks don’t believe they’re victims. Synthetic identity fraud is not a problem that any one organization or industry can tackle independently, given its far-reaching effects on the U.S. financial system.

To further tackle SIF, the Federal Reserve launched a focus group in September 2020 to create an industry-recommended definition of SIF which includes industry experts from FiVerity, MasterCard, TransUnion, USAA and other industry experts familiar with the problem.

Why does your financial institution need protection?

Legacy fraud detection systems are slow, bogging-down with especially new account openings, which often require as much as 40% manual intervention. That not only increases costs and effectiveness, but slows their response times, which can easily cause prospective customers to take their business elsewhere.

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Synthetic Identity Fraud is estimated as more than $12B in losses for 2020



Synthetic ID’s cause 25% of loan losses from 2% of consumer loans



SynthID® has proven to detect more than 35% of synthetics during the account opening process


Interested to learn how FiVerity can help your business? Get in touch with us  or request a demo to learn more.