700Credit Launches Synthetic Fraud Solution to Detect False Identities and Alert Dealers of Potential Risks
Dealers can protect their bottom line with synthetic fraud score and identity detection rules
700Credit, LLC, the automotive industry’s leading provider of credit reports, compliance solutions, prescreen and consumer pre-qualification products and services, announced an innovative new solution built to identify and combat synthetic fraud using a suite of synthetic identity detection rules to prevent criminals from continuing to hide behind false identities.
Synthetic ID is an emerging form of fraud, like ID theft. Our Synthetic Fraud detection solution is one of many defensive tools available to accurately detect potential threats that could not be spotted with traditional verification methods. Early detection enhances the loan origination process, “pushing out” threats early, streamlining the funding process.
When it comes to synthetic identity fraud, knowing there is a problem is only half the battle. Detecting it is challenging because fraudsters take the time to develop their synthetic identity to mirror a real person. “Our solution includes a combination of a high-risk fraud score along with synthetic identity rules to find false identities that alert dealers of potential risks,” said Ken Hill, Managing Director of 700Credit. “Our model complies with the Fair Credit Reporting Act (FCRA) and returns a risk score with factors to help determine if a new customer application is likely associated with a synthetic identity.”
Using proprietary logic and unique combinations of available data the high-risk fraud score looks at a consumer’s credit behavior and credit relationships over time to uncover hard to detect risk.
“The high-risk fraud score has been very effective in finding those synthetic identities that are established and approaching the maturity level necessary to perpetrate fraud. Additionally, the score can detect those identities that are products of synthetic identity farms”, added Hill.
To address a synthetic identity fraud challenge that extends beyond specific credit behavior and relationships, 700Credit offers synthetic identity detection rules consisting of 30 conditions that evaluate a broad selection of consumer behaviors. When they occur in specific combinations, these behaviors indicate a higher probability of synthetic identity fraud.
The Synthetic Fraud solution is available as an add-on to the 700Credit Red Flag Summary product. For more information, contact: 866-273-3848.
700Credit is the automotive industry’s leading provider of credit reports, compliance products and prescreen services. The company’s product and service offerings include: credit reports, dealer-facing prescreen and consumer-facing pre-qualification platforms, OFAC compliance, Red Flag solutions, score disclosure notices, adverse action notices and more. 700Credit’s goal is to provide its clients with the highest quality data in a compliant framework in the most efficient manner possible. For more information about 700Credit, visit http://www.700credit.com.
Source: 700Credit Press Release