Velocity and pattern detection solution reduces fraud in real-time
For every advance in an organization’s fraud protection tools, fraud groups soon discover what’s in place and start searching for ways to circumvent that defense. Mercator Advisory Group calls this “the balloon effect,” where fraudsters constantly probe for the most vulnerable and least defended areas and focus their efforts there. An agency or organization that deploys current defenses will be perceived as a “hard target” for fraudsters so they will steer their primary efforts elsewhere.
Online access to services and benefits, like instant credit applications, are expanding rapidly through commercial enterprise and the public sector as we become more and more acclimated to “always on” services. As the online channels expand, so do the number of fraudulent users and compromised accounts.
Equifax recently announced the availability of its new fraud mitigation solution, Suspicious ID™, which provides a new level of service and protection to businesses and the public sector by rapidly identifying, analyzing and eliminating identity misuse by fraudsters as they actively attempt to open new accounts or gain services. Unlike other fraud prevention programs that report data periodically, Equifax’ s Suspicious ID interprets fraudulent activity patterns in real-time by monitoring suspicious activities across an entire network of financial services organizations and other related industries — delivering scores and attributes that provide a basis for assessing the determined risk.
“Financial institutions are constantly challenged to detect increasingly sophisticated fraud attempts. A growing reliance on online channels and instant credit approvals to increase revenues presents a host of opportunities for skilled identity thieves,” said Andy K. Smith, Senior Vice President of Equifax’s Professional Services. “Although traditional identity screening can help identify synthetic and ‘true-name’ fraud attempts, Suspicious ID effectively takes fraud prevention much further by identifying consumer behavioral patterns that are very difficult for imposters to fake.”
Click here to learn more about Suspicious ID or other fraud prevention tools.
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