Thwarting True Name Fraud Like Never Before
Identity theft impacts over 11 million consumers a year, at a cost to businesses of over $50 billion annually. Many of us are worried about our identities being stolen. Can more be done to protect the consumer? Absolutely.
True-name fraud analytics, packaged together with technology, help provide maximum protection against identity theft. We have identified four data sources that, when combined together, effectively help predict true-name identity fraud:
1) A lenders own data identifying location, time and channel of past fraudulent incidents
2) credit data
3) collections data
4) other internal data (just ask us!)
These data sources can be particularly useful in screening for suspicious activity, and predicting identity fraud.
Technology helps streamline the data collection and integration process for feeding this data into the fraud model, and tracking the effectiveness of the analytics. Most importantly, when the model identifies suspicious activity, authentication software deploys out-of-wallet questions against the suspicious inquiries, automating the process of verifying whether a consumer is who they say they are in real-time. Working together, the analytics and technology thwart fraudsters like never before.
A fraud validation will determine the lift you can get from deploying a true-name fraud solution. If you want to learn more about these predictive data sources, analytics, and technology solutions, let us know.
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