Protect your business from losses associated with synthetic ID fraud.

<p>FraudIQ® Synthetic ID Alerts can help protect your business from losses associated with synthetic identity fraud while minimizing false positives. The alerts are based on patent-pending algorithms that analyze attributes such as authorized user velocity and identity discrepancies to help determine if the identity presented is potentially synthetic. FraudIQ® Synthetic ID Alerts analyzes potential synthetic ID behaviors revealed by reliable, multi-dimensional data sources, evaluating various patterns with advanced matching logic such as authorized user/credit abuse, ID discrepancies and fraud/ID manipulations.</p>
Benefits
ReduceCosts
Reduce Fraud Charge-Offs

Leverage more actionable insights while maintaining low false positive rates, getting efficient, real-time responses to suspicious user activity.

Insight
Capture More Synthetic Identities with Artificial Intelligence

Evaluate various patterns with advanced machine learning and AI-driven algorithms to identify structural and behavioral identity aspects and develop a set of high performing rules for synthetic ID detection.

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Assess Portfolio-Specific Risk

Analyze potential synthetic ID behaviors and patterns revealed by reliable, multi-dimensional data sources, better assessing portfolio-specific risk: Credit Card, Automotive, Communications/Utilities, and Personal Loans.

Key Features
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      Authorized User Velocity identifies suspicious primary “owners” by number of authorized users and flags anyone attempting to get credit that was associated with an owner.

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      Identity Discrepancies analyzes PII mismatches between primary owners and authorized users to identify suspicious behavior (e.g. anyone attempting to get credit that looks like a “non-family member”).

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      Identity Confirmation & Behavior Analytics analyzes behaviors and confirms identity using a variety of proprietary data sources and industry-specific inquiry patterns.


Use Cases
Account Opening:
  • Verify identities and spot potential fraud to help lower account acquisition/opening and operational costs. Use to sort applications that trigger an alert into a manual review process. 

Account Management:
  • Protect against account takeover and other types of transactional fraud that can increase costs and impact reputation. Use as a “back book” or “clean up” append for a customer’s existing portfolios to pinpoint those suspected accounts opened using synthetic identities.

Debt Reclassification:
  • Recognize, identify and reconcile fraudulent behaviors and patterns to help minimize losses and protect organizational reputation. Use to help ensure the portfolio is properly classified (credit loss vs. operational loss).

Prescreen:
  • Generate quality leads by applying consumer insights to segmentation and acquisition strategies. Use for list suppression to drop a record from the prescreen list.

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