Many financial institutions are focusing on identity theft and account takeover, while overlooking that a dramatic increase in credit losses points to a growing area of concern: first-party and synthetic identity fraud. As stated in Gartner’s report, “The Growing Problem of Synthetic Identity and First-Party Fraud Masquerades as Credit Losses,” “by 2021, first-party fraud and synthetic identity fraud will account for 40% of credit write-offs, up from an estimated 25% today.” What can you do to protect your company from credit write-offs while providing a seamless customer experience?
Join Bala Krishnamurthy, Chief Product Officer at iovation, a TransUnion Company and Brian Pramov, Certified Fraud Examiner and Senior Manager, Digital Fraud Strategy and Analysis at Ria Financial, as they share synthetic identity fraud trends, first-hand experiences and key learnings and solutions They will also dive into the importance of combining personal data and digital data to fight synthetic identity fraud and distinguish good customers from fraudsters.
- Tips to examine behavior and uncover signs of synthetic identity fraud
- Lessons learned, a real-world walkthrough of how fraudsters commit synthetic identity fraud
- Solutions to detect and prevent synthetic identity fraud
Gartner: Take a New Approach to Establishing and Sustaining Trust in Digital Identities, Tricia Phillips, Danny Luong, 1 March 2018.
Have you read our Synthetic Identity Fraud blog? Find it here.