Before the Breach: Using threat intelligence to stop attackers in their tracks
5 Key Capabilities of Synthetic ID Detection
1. 5 Key Capabilities of Synthetic ID
Detection Solutions
But technology also is helping organizations to fight back against
ID fraud. These solutions detect and monitor behavioral patterns
early in the process to prevent or mitigate extensive losses.
Effective risk-detection solutions must be robust enough to
handle both increasing volumes of pertinent data and savvy
criminals. Please take a few minutes to answer the “Yes” or “No”
questions on this checklist to determine whether your fraud-
detection solution has the key capabilities you need to reduce
losses and improve operational efficiency.
The growth of identity fraud shows few signs of slowing.
Technology has enabled easy access to consumer data
that fraudsters use to build synthetic, or false, IDs.
2. 2
5 Key Capabilities of Synthetic ID Detection Solutions
It’s not the volume of data that you can access, but what type of data that matters.
Solutions that identify how frequently a particular applicant appears across
different data sets can enable more confident identity-verification decisions. For
instance, if a person shows up on a phone, electric and payroll account, there’s a
greater likelihood that the identity is real. A fraudster likely won’t make the effort to
establish a track record that includes utility, payroll accounts, etc.
Velocity is the frequency that data attributes or relationships occur over a
period of time. Effective detection tools will flag unusual activity and score
the applications for fraud risk. A common scenario involves the number of
applications submitted under a single name over a particular time period. Risk-
assessment solutions should allow users to program velocity sensitivity. For
example, a user may set the program to flag three or more inquiries on a single
name over one week.
Losses can mount quickly if fraudulent activity isn’t identified immediately. The
latest detection tools offer real-time or near-real-time responses. The alerts can
appear in seconds or in batches at specified intervals (such as every 15 minutes
or daily). These solutions continuously refresh data assets with confirmed fraud
reports, proprietary alerts and daily inquiries. In addition to identifying fraud,
users can process legitimate applications rapidly without the need for additional
review, expense and applicant fallout.
Do you have the tools you need to access a wide range of ID-
verification data, including payroll information, utility records and
government-issued IDs?
Yes
Yes
Yes
Yes
No
No
No
No
Do you have the ability to perform ‘velocity’ checks or detect
suspicious activity?
Can your fraud-detection solution monitor and review activity in
real time?
1.
2.
3.
Too many false-positive results can hurt efficiency and increase operational
costs due to manual reviews. Solutions that include keying technology can
consolidate records from hundreds of millions of consumers by assigning unique
identifiers or “keys” to every consumer. This helps to reduce the chance that
consumers with information in common will be mixed up.
Does your fraud-monitoring solution minimize false-positive results?
4.
