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For more information:
1. Federal Bureau of Investigation, “Eighteen People Charged in International $200 Million Credit Card Fraud Scam” (press release), Feb. 5, 2013
4. Gartner (as cited in InformationWeek, “Synthetic Identity Fraud A Fast-Growing Category,” Oct. 21, 2014)
6. CRN.com/The Channel Co., “The 10 Biggest Data Breaches of 2015 (So Far),” July 27, 2015
7. Javelin Strategy & Research, 2015 Data Breach Fraud Impact Report, June 2015
8. CRN / The Channel Co., July 27, 2015
9. Identity Theft Resource Center, (press release) “Identity Theft Resource Center Breach Report Hits Record High in 2014,” Jan. 12, 2015
Your organization can more effectively fight stolen data when you have access to verified information. Robust identity-verification solutions that probe a wide range of public and proprietary databases enable your organization to more confidently assess an applicant’s authenticity.
Equifax has access to millions of public and proprietary files that can be used to authenticate identities. Discover how advanced fraud detection solutions can recognize the warning signs of synthetic ID fraud to take appropriate action early.
reduction in false positive rates
By supporting fast reviews of multiple databases, advanced fraud detection solutions help enable quick and confident decisions to either:
Flag an application for further screening
Give it a green light
Detect Suspicious Patterns
Verified, non-public data can help organizations identify up to 99% of their user populations.
The applicant owns a phone,
gets cable, uses electricity or heats a home
Gets related bills
And pays them
The address is real
Is a residence and not an
And no suspicious activities
have been associated with it
The applicant has a record
With a real company
And files income tax returns
The applicant’s SocialSecurity number is valid
And matches only the applicant
Multiple databases help to determine:
Fight Stolen Data With More Data
Increase in the number of reported data breaches in the U.S. in 2014 over the previous year.
Workers learned their personal data was exposed by two breaches at the Office of Personnel Management 2015.
Consumers were notified in 2014 that their data had been breached at large retailers.
Social Security numbers of subscribers at just two health insurance companies were exposed by data breaches in 2015.
The Data Breach Connection
of credit card charge offs
of credit card losses
Overall, synthetic ID fraud is increasingly pervasive accounting for:
Analytics-based solutions that use data to detect linkages and suspicious patterns help determine if the applicant is a real person. These analytic capabilities help organizations experience:
So how can your business fight back? You need fast, reliable identity-verification solutions that check applications against multiple sets of public and proprietary data.
The threat isn’t going away. Data breaches provide fraudsters with a steady stream of information necessary to build synthetic IDs.
Synthetic ID fraud is anything but a fictional threat. In a single scam uncovered by the FBI in 2013, fraudsters:
from businesses and financial institutions
Fight Back Against Synthetic ID Fraud
Fictional IDs, Real Threats: