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Synthetic Identity

Improve onboarding confidence and mitigate synthetic identity threats with predictive intelligence that detects what others miss.
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Use AI to Detect and Prevent Third-Party Fraud

Delivering on consumer expectations for speed during account opening can create a competitive advantage; but, it also unveils new opportunities for fraud. Synthetic Identity fraud is sophisticated and complex. Fabricating identities with real data elements to bypass traditional account opening checks, fraudsters play the long game with these identities, maturing them over months or years before taking action. Making this more than a point-in-time issue, and if your check only happens at onboarding, you’re exposed.

Equifax goes beyond traditional checks. Powered by differentiated data sources, our AI solution provides real-time screening during onboarding, without impacting good customers, and ongoing monitoring for your entire portfolio. 
Maximize Approvals
Confidently approve more good customers with real-time screening at onboarding.
Enhance the Customer Experience
Lower false positive rates with predictive ML, accelerating approvals for real customers while isolating synthetic threats.
A Future-Proof Risk Model
With continuous learning from our network and instant updates, improve detection against evolving synthetic identity tactics.
Unique Data Insights
Receive alerts for authorized user abuse,  elder abuse, inquiry velocity and more to enhance decisioning.
Portfolio Monitoring
Automate ongoing risk screening to detect risk in your portfolio before a bustout event occurs.
Accurately Classify Losses
Categorize fraud losses that have been written off as bad debt, clarifying credit risk versus fraud risk in your portfolio.

How It Works

Real-time risk assessment at account opening

Screen applications for fabricated identity, authorized user abuse, and elder abuse risks in real-time during account opening. Detect synthetic identities using sophisticated models and act on high-risk applications while seamlessly onboarding good customers.

Ongoing monitoring for continuous protection
Synthetic identities go undetected, establishing creditworthiness before going bad. Incorporate proactive screening measures to detect synthetic risks in your portfolio and take action before a bust-out event occurs.
Enhance loss and mitigation strategies
Use data insights to accurately identify and reclassify fraud losses that may be miscategorized. Improve financial accuracy by precisely distinguishing synthetic identity fraud from traditional credit risk.

Enhance Your Security with Synthetic Identity Fraud Protection

Fueled by powerful insights and the Equifax Cloud, our Synthetic Identity solution helps businesses confidently onboard customers and monitor their portfolio. With predictive scoring and patented machine learning, businesses have full control over their risk threshold to ensure they are protected from sophisticated fraudsters and schemes.

Mitigate Risk at Front Door

With 80% of new account opening fraud being linked to synthetic identities it is essential to deploy a sophisticated, real-time solution into your onboarding workflows.

Detect Hidden Threats

Fraudsters play the long-game when using synthetic identities, often laying dormant for years. Traditional methods can take up to 14 months on average to detect a synthetic identity. Begin monitoring your portfolio for these undetected risks today.

Improve Financial Reporting

Annual estimated synthetic fraud losses exceed $20 Billion with many incorrectly written off as credit loss. Leverage data insights and gain a better understanding of your financial position.

Frequently Asked Questions

A synthetic identity is a fake identity created using PII components of real identities (name, address, etc.). These identities are used to acquire goods/services before ‘busting out’ leaving the lender with financial losses.

Our synthetic identity checks can be delivered in many ways and depend on the customer’s needs. Our solution supports API and batch processing. We can also deliver synthetic checks with ACRO and through certain partner integrations.

No, Synthetic Identity checks are for identity fraud risk alerts purposes only and are not to be used for determining an individual's eligibility for any credit opportunities or any other FCRA permissible purpose.

Yes, the alerts can be used as a “back book” or “clean up” append for an existing portfolio to pinpoint accounts suspected of being opened using synthetic identities.

Related Resources

White Paper

The Stark Reality of Synthetic Identity Fraud

Synthetic identity fraud is a growing threat. Fortunately, there are robust and reliable countermeasures you can take to help mitigate the risks. Read our white paper to learn some best practices for battling synthetic identity fraud.
Download the White Paper

White Paper
2.1 MB
White Paper
The Stark Reality of Synthetic ID Fraud
Case Study
Case Study
Tackling Fraud Initiated Through Authorized User Abuse
Product Sheet
61.1 KB
Product Sheet
FraudIQ Synthetic ID Alerts
eBook
eBook
Future of Fraud eBook (Part 1)
White Paper Case Study Product Sheet eBook Case Study
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Learn How Credit Issuers Tackle Fraud Initiated Through Authorized User Abuse

A major credit card issuer used Synthetic Identity Alerts to efficiently pinpoint accounts likely opened with synthetic identities, successfully reducing rising unrecoverable charges and lowering risk.

Read the case study
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