ID Score® First Party Fraud – Stemming the Emerging Threat of Self-Inflicted Identity Abuse
A solution designed to detect consumers “hiding in the open” who intentionally abuse their own identities to acquire high-value hard goods for black-market resale.
Introducing ID Score® First Party Fraud, a new credit muling detection product developed on behalf of several of the nation's leading wireless carriers. Often referred to as "credit muling" or "equipment gaming," first party fraud is a type of fraud that occurs when consumers use their true identities and personal information to apply for multiple, high-value products with no intention of honoring their contractual agreements.
First party fraud is a new and rapidly expanding phenomenon that results in the loss of tens of millions of dollars per month for wireless carriers and other retailers. As the demand for smartphones continues to rise, it is believed that credit mules will continue to open multiple contracts for devices that ultimately end up in international markets without payment. This solution leverages ID Analytics' proprietary ID Network® to help several industries identify and mitigate first party fraud, which ultimately helps save time and money.
ID Score First Party Fraud can intelligently identify and analyze credit mules from multiple wireless carrier networks and other industries by using the insight into consumer behavioral data found in ID Analytics' ID Network. ID Analytics has the capability of predicting first party fraud because of its ability to track abnormal behavior across industries, such as in the payday, retail credit card, auto loan and micro-merchant markets.
The First Party Fraud score is able to provide an efficient, effective measure of potentially fraudulent behavior; a recent analysis by one carrier showed that 50 percent of first party frauds were captured within the top three percent of risky accounts.