ID Analytics Introduces Comprehensive Solution to Address Multifaceted Synthetic Fraud Challenges

Two New Products – ID Score^® Synthetic and Credit
Optics^® Intentional Misuse – Identify Potential Fraud
and Provide Actionable Insight Legacy Solutions Miss

SAN DIEGO & LAS VEGAS–(BUSINESS WIRE)–(Money20/20, Booth 1049)—ID Analytics, a Symantec company and
leader in consumer risk management, today announced two new products
designed to provide businesses with a comprehensive solution to the
disparate challenges of synthetic identities. The comprehensive approach
taken by both ID Score Synthetic and Credit Optics Intentional Misuse
complements existing fraud and credit risk solutions and attacks a wide
range of synthetic identity abuse. The solutions can help enterprises
minimize losses associated with synthetic identities while minimizing
friction for low-risk consumers.

Synthetic identity fraud has become an increasingly challenging issue as
fraudsters become more sophisticated and build synthetic identities
which appear valid to most fraud and credit assessments. Today synthetic
identities are not always created using valid information from multiple
consumers. Many are composed of invalid information with no ties to a
known consumer – making them increasingly difficult to detect. With no
victim to report that their identity has been stolen, or conflicting
personal identifying information (PII) to raise a red flag, fraudsters
can operate undetected for years, building up credit with multiple
institutions before busting out and vanishing without a trace.

“ID Analytics is tackling the problem of synthetics by focusing on the
root cause – identity legitimacy,” said Ajay Nigam, CEO of ID Analytics.
“All forms of synthetic fraud are subject to this question. Only by
leveraging an identity intelligent assessment can one form an opinion on
legitimacy – our solutions were developed through an R&D process that
included extensive consultation with our customers and partners and were
designed from the ground up to maintain a high level of performance, as
synthetic fraudsters shift their methodologies.”

Current synthetic identity solutions often fail in a number of ways.
Clever synthetic fraudsters can pass many traditional identity fraud
screens which aren’t optimized to the problem, and existing synthetic
fraud detection solutions can miss the damage caused by fraudsters who
do not engage in traditional “tricks of the trade” like credit
piggybacking. Likewise, existing credit risk solutions frequently miss
applications from synthetic identities who have developed profiles for
large longer-term payoffs and limit lender’s ability to take adverse
action if malicious intent is identified.

To address these challenges, ID Analytics developed two new products: ID
Score Synthetic and Credit Optics Intentional Misuse. These products
target the core issue of identity legitimacy and the typical outcomes of
synthetic fraud:

• ID
  Score Synthetic – Designed from the ground up to address the
  core challenge of synthetic identity fraud, while sparing low risk
  consumers from unnecessary friction, ID Score Synthetic attacks the
  root cause through a predictive assessment of identity legitimacy. It
  is predictive regardless of methodology or attack vector such as
  manufactured synthetic, manipulated synthetic and regardless of the
  length of time the synthetic identity has been in use. Beta testing
  with ID Analytics customers found that it identified significantly
  more synthetic fraud risk than legacy systems in place at leading
  financial institutions.
• Credit
  Optics Intentional Misuse – For organizations that view
  synthetics as a credit issue, Credit Optics Intentional Misuse is
  designed to address the net outcome of credit abuse – including
  synthetic identities and first payment default – by identifying
  applicants who may be plotting to misuse and abuse requested credit or
  services. As an FCRA solution, risk assessments from Credit Optics
  Intentional Misuse are adverse actionable – an important feature when
  dealing with applicants who intend to misuse credit, but who have
  passed through identity proofing screens. This solution was developed
  as a direct response to feedback from leading U.S. lenders and service
  providers to address the broader range of credit abuse, including
  synthetic identities. In a beta test with a major financial
  institution, the solution identified nearly 3x more risky consumers
  over a traditional credit risk model.

“Synthetic identities have emerged as one of the biggest challenges for
businesses because they are so difficult to detect. In 2017, synthetic
identity fraud resulted in $800 million in losses through credit cards
alone, and that could reach $1.2 billion by 2020,” said Julie Conroy,
research director for the retail banking & payments practice at Aite
Group.

ID Analytics at Money20/20

Visit ID Analytics in booth #1049 or contact Jeff
Simpson to schedule a meeting in pod #1686. For more information on
ID Score Synthetic or Credit Optics Intentional Misuse please visit the
ID Analytics website.

About ID Analytics LLC

ID Analytics is a leader in consumer risk management with patented
analytics, proven expertise, and near real-time insight into consumer
behavior. By combining proprietary data from the ID
Network^®—one of the nation’s largest networks of
cross-industry consumer behavioral data—with advanced science, ID
Analytics provides in-depth visibility into identity risk and
creditworthiness. Every day, many of the largest U.S. companies rely on
ID Analytics to make risk-based decisions that enhance revenue, reduce
fraud, drive cost savings, and protect consumers. ID Analytics is a
Symantec company. Visit www.idanalytics.com
to learn more.

ID Analytics and ID Network are registered trademarks of Symantec all
other trademarks and registered trademarks are the property of their
respective holders.

Contacts

MSLGROUP for ID Analytics LLC
Jennifer Asaro
781.684.0770
idanalytics@mslgroup.com