Tackling identity fraud, a KNOW Identity virtual event
Is synthetic identity fraud on the rise? Are fraudsters taking advantage of provisions in the CARES Act that allow forbearance of delinquent accounts to extend the life of synthetic identities? When will the electronic Consent Based Social Security Number (SSN) Verification (eCBSV) service launch? These questions and more will be addressed during the upcoming KNOW Identity digital forum.
Our Chief Compliance Officer, Ken Meiser, is looking forward to speaking alongside identity experts Sandeep Dhadda, Head of Advanced Analytics at Citigroup and Jeremy Grant, coordinator of the Better Identity Coalition (BIC) and managing director at Venable LLP. The panel will discuss emerging trends in fraud behavior to help enterprises better understand and navigate the changing fraud landscape.
Sandeep has valuable insights regarding how these behaviors manifest themselves within organizations. In his role at the BIC, Jeremy works directly with policymakers to help improve the way U.S. consumers establish, protect, and verify their identities when they are online. ID Analytics is a fellow BIC member, helping to advance this effort nationwide.
ID Analytics and its affiliate company, LexisNexis® Risk Solutions, have been closely monitoring fraud behaviors since mid-March when many states entered stay-at-home orders. We uncovered some surprising trends that underscore the uncertainty in today’s marketplace.
Our analysis revealed that despite rapid migration of consumers towards digital channels during the lockdown, criminals have been targeting physical identity attack vectors (the use of personally identifiable information to defraud enterprises at account opening) more so than digital attack vectors (abuse of digital identity information to defraud enterprises).
From a synthetic fraud perspective, we observed a 51% increase in synthetic identity fraud in mid-March to mid-May 2020, when compared to the same timeframe in 2019. After this initial spike, synthetic attacks leveled off. We have seen fluctuations in fraud attacks across several different fraud types in our network and will continue to monitor these changes. This onset of uncertainty in fraud behavior raises the stakes for synthetic fraud defense strategies in 2020.
Please join us on June 16, 2020 at the KNOW Identity digital forum as our panel, Inflection Point: Synthetic Identities in 2020, presents new research and perspectives on the challenge of identifying and stopping synthetic identities. Sign up today for this complimentary presentation.
ID Analytics is a LexisNexis® Risk Solutions company