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On-Demand Webinar

Latest Insights on Synthetic Identity and Fraud Rings

Financial institutions lose billions of dollars every year to account origination and account takeover fraud because they cannot reliably tell the difference between consumer and synthetic identities in remote interactions—and that doesn’t include lost revenue from false declines. Nearly 80% of executives say they have “significant gaps in synthetic identity detection, and recognize they need to make “substantive changes.”

Fraudsters gravitate to synthetic identities because they can easily bypass fraud systems that rely on verifying the linkages between individual identifying attributes (e.g., name, address, phone, etc.) As a result, they can evade detection for long periods of time, building up credit and reputation before committing costly “bust-out” fraud.

Defeating synthetic fraud requires a holistic and stable understanding of the strength, tenure, and frequency of all linkages between a consumer’s identifying attributes. This approach helps curb synthetic identity fraud, as well as account takeovers based on traditional identity theft.

The key is adopting a more integrated view of consumer identity in authentication processes. The more that is known about consumers—offline, online, and via their devices—the more effective and less risky consumer interactions can be. Watch the on-demand webinar, Latest Insights on Synthetic Identity and Fraud Rings, to learn how to prevent costly bust-out fraud losses and stop synthetic identity fraud via unique and unhackable insight into consumer identity.

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