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4 steps to prevent synthetic identity fraud

Mitigating synthetic identities

Synthetic identity fraud is an epidemic that does more than negatively affect portfolio performance. It can hurt your reputation as a trusted organization. Here is our suggested 4-pronged approach that will help you mitigate this type of fraud:

  • Identify how much you could lose or are losing today to synthetic fraud.
  • Review and analyze your identity screening operational processes and procedures.
  • Incorporate data, analytics and cutting-edge tools to enable fraud detection through consumer authentication.
  • Analyze your portfolio data quality as reported to credit reporting agencies.

Reduce synthetic identity fraud losses through a multi-layer methodology design that combats both the rise in synthetic identity creation and use in fraud schemes.

Mitigating synthetic identity fraud>