ID Analytics recently hosted a webcast, where we discussed trends in the evolution of synthetic identity fraud and advancements being made to address this rising threat. During the live presentation, we received questions from attendees regarding the new electronic Consent …
The post Top 3 synthetic identity webcast questions appeared first on ID Analytics.
The U.S. economy has experienced dramatic changes over the past several months. The temporary closure of non-essential businesses and ensuing loss of livelihood has created uncertainty for both...
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?...
Our latest web seminar discussed best practices and new research on the value of alternative data for gaining insight into consumer credit behavior. This popular session was attended by risk...
ID Analytics recently hosted a webcast on identity fraud trends in 2020. Since identity fraud is a pervasive problem that is constantly evolving, we wanted to share the most-asked questions...
From 2018 – 2019 ID Analytics identified a notable increase in the use of Social Security numbers (SSNs) belonging to deceased individuals on new applications within our ID Network®, a unique...
Brandon opens a new credit card account. He begins making purchases, racking up significant debt, never pays his bill and can’t be located by the credit issuer when they attempt to collect on the...
Earlier this week, five federal financial regulatory agencies issued a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms. These...
‘Twas the night before Black Friday and as retailers were preparing for the masses, synthetic identities were slipping past lenders’ fraud defenses… The holiday shopping season is upon us and 2019...
Economists continue to debate whether the next recession is around the corner or several years off. In recent months, ID Analytics has observed an interesting trend – fraudsters appear to be...
Enterprises have begun to see the value in using alternative credit scores as part of their lending decision processes for various use cases – from identifying more creditworthy consumers to...
Fraudsters today use increasingly sophisticated tactics and target a wide range of industries. Account takeover and new account fraud are on the rise, including in new areas such as merchant debit...
Over the last several years, we have discussed the issue of synthetic identity fraud extensively with our clients to gain a better understanding of how they view the problem, how it’s impacting...
In today’s competitive marketplace, it is important to deliver innovative financial solutions that create opportunities for growth in lending and consumer spending. Many of the largest U.S....
The Consumer Financial Protection Bureau (CFPB) has identified that approximately 45 million consumers are either credit invisible or unscorable by major credit bureaus. People who don’t have...
Our recent blogs demonstrate the benefits of leveraging alternative credit data to identify more creditworthy consumers who are considered credit invisible and provide greater insights to marginal...
I have two important updates from the Hill regarding progress on the Economic Growth, Regulatory Relief, and Consumer Protection Act. In my previous posts, I discussed a provision in the Act that...
In my last blog, I discussed how the use of alternative credit data has become a mainstream answer to the challenge of identifying creditworthy consumers who are credit invisible. While that is...
Almost one-fifth of adults in the United States face obstacles to obtaining credit because they are considered “credit invisible”—meaning they either don’t have a credit history with, or are...
For some lenders and service providers detecting synthetic identities might seem like an exercise in futility or perhaps even a lesson in fortune telling—how can they determine whether an...
One of the most sophisticated synthetic identity fraud rings in U.S. history created 7,000 new identities, received 25,000 credit cards and amassed a $200 million bounty from banks between 2003...
