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.
