The stakes continue to get higher, and the fraudsters are getting smarter. Fight back and safeguard with SynthID™ Detect.
Financial institutions are heavily burdened with fighting financial crime, identifying fraud, and keeping up with the changing landscape that the fraudsters create. The fastest growing fraud impacting financial institutions today is Synthetic Identity fraud. And that is why FiVerity, using Artificial Intelligence, developed SynthID™ Detect. A solution to assist during the application process to identify fraud that your current process is missing.
Synthetic Identity fraud is the fastest- growing type of financial crime in the United States… Losses generate more than 20% of loan write-offs at Credit Unions and Banks from only 2% of their consumer loans. Synthetic Identities are pervasive in account opening fraud, money laundering and terrorism financing.
Synthetic ID’s behave like legitimate accounts and may not be flagged as suspicious using traditional fraud detection models. This allows fraudsters to cultivate these fake identities, build positive credit histories, and increase their borrowing or spending power before “busting out” – maxing out their credit lines with no intention to repay.
“Bust-Out” Fraud results in 4.5x higher losses at Credit Unions and Banks.
Our intelligent automation improves effectiveness of fraud detection workflows by “Scaling the Analyst” – continuously learning from expert business users to detect fraud and other patterns of financial crime while reducing false-positives so business users can focus on high-value risks.
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