Synthetic identity fraud is on the rise. This type of fraud involves fraudsters creating new, fictitious identities with different components of real identities. For example, fraudsters might use a name from one person, an address from a different person and the SSN of a minor or deceased person. Then, they attempt to gain credit with the fictitious identity in order to monetize it.
FraudIQ® Synthetic ID Alerts can help protect your business from losses associated with synthetic identity fraud, while minimizing false positives. Synthetic ID Alerts are delivered in batch or real time. They use patent-pending, machine-learning algorithms to detect sy