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.
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.
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