Synthetic ID Alert™
Synthetic ID Alert uses machine learning to score loan applications on the likelihood that an application contains a synthetic identity. If an application scores as a high risk for synthetic identity, the score and actionable reason codes are provided to the lender so the loan can immediately be prevented from funding.
The combination of stolen and real information can make synthetic identity fraud hard to spot.
Synthetic Identity Fraud causes more than $1 billion in losses each year for U.S. auto lenders. At some lenders, Synthetic Identity makes up as much as 20% of total fraud losses. Synthetic ID Alert can be quickly and easily installed within a lender’s existing technology infrastructure for real-time application review.
Synthetic ID Alert Helps Lenders Stop Synthetic Identity Fraud By Producing Alerts On Applications That Exhibit Patterns Consistent With Synthetic ID Fraud.
Synthetic ID Alert provides a cost- effective way for lenders to prevent fraud losses.