Combatting synthetic identities: Finding the ghosts haunting your enterprise
There’s a ghost in the room—synthetic identity fraud—and unlike the elephant, everybody’s talking about it and not sure what to do about it. Our recent blog series provided an overview of the different types, complexity and magnitude of the evolving threat of synthetic identities and alluded to solutions on the horizon. I’m excited to report those solutions are available now!
The problem in fighting synthetics is that they don’t all look the same. They appear as ‘ghost’ identities (composed of invalid information with no ties to a known consumer) and ‘Frankenstein’ identities (created by cobbling together bits and pieces of personally identifiable information from real people), lurking in enterprises’ portfolios and haunting risk managers.
To reconcile the challenges presented by synthetic identities, ID Analytics took a holistic approach to combatting them. Our solutions are designed to assess the risk associated with a wide range of synthetic identities and offer flexibility by aligning to an enterprise’s preferred risk management strategy; be it fraud or credit-centric.
Here is a brief snapshot of our new solutions:
ID Score® Synthetic – A three-digit score which assesses the fundamental issue of synthetic identities – legitimacy – powered by the unique identity intelligence in our ID Network®. Beta testing with ID Analytics customers found that it caught significantly more synthetic fraud than legacy systems in place at leading financial institutions.
Credit Optics® Intentional Misuse – A three-digit credit score which assesses the broader problem of credit abuse – identifying both synthetic and real identities with malicious intent. In a beta test with a major financial institution, the solution identified nearly 3x more risky consumers over a traditional credit risk model.
And a word from our CEO:
“ID Analytics is tackling the problem of synthetics by focusing on the root cause – identity legitimacy,” said Ajay Nigam, CEO of ID Analytics. “All forms of synthetic fraud are subject to this question. Only by leveraging an identity intelligent assessment can one form an opinion on legitimacy – our solutions were developed through an R&D process that included extensive consultation with our customers and partners and were designed from the ground up to maintain a high level of performance, as synthetic fraudsters shift their methodologies.”
If synthetic identities are haunting your enterprise, “Who ya gonna call?” ID Analytics, your official Ghostbuster. Contact us at 858-312-6200 or email@example.com . For additional information read the press release announcement and access our data sheet Combatting Synthetic Identities for a detailed description of our synthetic solutions.
Kevin King is Director, Product Marketing at ID Analytics.