Detect and prevent fraud
With the growth of trends around a more connected economy, business is becoming increasingly complex as more transactions move into the digital space. Organizations are now challenged with detecting ever more prevalent identity theft, as well as more sophisticated application fraud. That's why you need a comprehensive solution that begins with quickly identifying suspicious information and potential fraud.
Now, you can help protect your business from fraud with alerts that help you quickly spot fraudulent identity components that may indicate synthetic fraud or identity theft. FraudIQ® Identity Alerts assist in identifying potentially fraudulent information on account applications such as credit fraud victim alerts, misused Social Security numbers, hot addresses, suspicious phone numbers and other potential risk factors.
As organizations get better at fending off point-of-sale fraud tactics, fraudsters are focusing more of their activities on new account fraud, often with bogus identities. Synthetic ID fraud is built on the foundation of a fictitious identity, often created with a combination of real data and fabricated information. Fraudsters then attempt to gain credit with the fictitious identity in order to monetize it. These manufactured identities are used for short term gain and then abandoned. This poses a problem for organizations, as they aren’t able to classify their monetary losses.
FraudIQ® Synthetic ID Alerts can help protect your business from losses associated with synthetic ID fraud while minimizing false positives. Delivered in batch or real-time, the alerts are based on patent-pending algorithms that analyze attributes such as authorized user velocity and identity discrepancies to help determine if the identity presented is potentially synthetic.See Product >>
Quickly identifying both fraudulent behavior as well as good customers at the same time is crucial when you are opening new customer accounts, extending credit or selling goods. Actionable and timely insights into an identity will provide the confidence you need for real-time decisions in today’s fast paced economy.
FraudIQ® Identity Score delivers identity insights that detect linkages and suspicious patterns, helping determine that the customer is who they claim to be. Using these insights and customizable scoring, you can make critical decisions in real time when spotting potential fraudulent requests – often without increasing manual reviews or sacrificing customer satisfaction. The model leverages Equifax’s advanced keying logic to validate components of an applicant’s identity. This keying technology drives down the number of false positives that normally accompany fraud products.See Product >>
Identity theft has become one of the fastest-growing crimes in the United States, and, unfortunately, it is fairly easy for a criminal to obtain personal information for fraudulent use.
FraudIQ® Authenticate is a set of remote authentication tools — a combination of knowledge and ownership methods — delivered through a flexible, risk-based platform that you can use to confirm identities and help ensure the security and authenticity of account applications and transactions. Rather than relying on only one type of authentication method, FraudIQ Authenticate allows you to waterfall to the most relevant and effective authentication method for a given transaction, from passive, behind-the-scenes authentication to more stepped-up methods.See Product >>
Fraudsters often use the same fake or stolen identities to perpetrate fraud across different organizations and multiple departments in the same organization. Fraud departments don’t always share data across lines of business in the same company and don’t have insight into which fraudulent identities were caught at other companies. A collective view of fraudulent activity both within and outside the organization helps protect against these fraudulent attempts.
FraudIQ® Manager is a web-based, hosted, enterprise fraud management solution that helps to identify high-risk and potentially fraudulent activity before it impacts your business. The system matches applicant requests to a variety of data sources including fraud scores, internal fraud data, and shared fraud data from other organizations that use FraudIQ Manager. Suspicious requests that may be potentially fraudulent are flagged and organized into queues for an analyst or investigator to follow up.See Product >>