4 steps to prevent synthetic identity fraud

June 22, 2017 by Guest Contributor

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>