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 identity 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. When this is the case, there is no one for the lender to contact in order to collect funds. This poses a problem for organizations as these misclassified non-payment matters get sent to collections, further wasting resources. FraudIQ® Synthetic ID Alerts can help protect your business from losses associated with synthetic identity 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. Reduce fraud charge-offs and other losses Matching logic enables classification of authorized user abuse and potential synthetic ID fraud consumers Patent-pending algorithms focus on removing false positives Technology-enabled data marts, refreshed nightly, facilitate real-time responses to suspicious user activity Machine learning algorithms help discover unique behavior patterns Successfully protecting your business against fraud requires a multi-layered approach. FraudIQ Synthetic ID Alerts are part of our FraudIQ integrated suite of identity verification, authentication and fraud detection solutions.