Identity fraud

Synthetic Identity Fraud is the Fastest-Growing Financial Crime in the U.S. and One of the Most Dangerous, GIACT® Report Finds

Retrieved on: 
Wednesday, November 20, 2019
Consumer behaviour, E-commerce, Merchandising, Online shopping, Fraud, Identity fraud, Crime, Articles, Human behavior

For businesses that rely on static PII as a fraud stopgap, SIF accounts can be extremely difficult to spot and interdict.

Key Points: 
  • For businesses that rely on static PII as a fraud stopgap, SIF accounts can be extremely difficult to spot and interdict.
  • "The problem with synthetic identity fraud is that it's not just a 'grab-and-go' job cybercriminals will build synthetic identities and foster them patiently over time to build credit.
  • Once a certain credit threshold is reached, they strike leaving businesses in the lurch," says David Barnhardt, Chief Experience Officer, GIACT.
  • From financial to insurance, to retail, to solutions for your industry, GIACT offers customer intelligence for complete payment confidence.

IDnow 2019 Security Report: Social Engineering Tops the List of Most Common Fraud Attempts

Retrieved on: 
Thursday, July 4, 2019
Crime, Property crimes, Fraud, Crimes, Human behavior, Deception, Property law, Tort law, Identity fraud, Social engineering, Internet fraud prevention, Bank fraud

The list of most frequent fraud attempts is currently led by social engineering, which accounts for 73%, followed by the use of counterfeit (16%) or stolen ID cards (11%).

Key Points: 
  • The list of most frequent fraud attempts is currently led by social engineering, which accounts for 73%, followed by the use of counterfeit (16%) or stolen ID cards (11%).
  • In its 2019 Identity Fraud Report, IDnow presents up-to-date fraud cases from the first half of 2019 and explains how companies using digital business models can protect themselves from such scenarios.
  • Fraudsters have been using social engineering to persuade unsuspecting end users to open online accounts to exploit them for criminal activities for quite some time now.
  • However, in 2019, the number of social engineering attempts increased in comparison to other fraud techniques.

GIACT® Releases Report on the Changing Landscape of Identity Fraud

Retrieved on: 
Tuesday, April 16, 2019
Crimes, Deception, Fraud, Tort law, Identity fraud, Human behavior, Articles

DALLAS, April 16, 2019 /PRNewswire/ --GIACT Systems, the leader in helping companies positively identify and authenticate customers, today announced the release of a new white paper, The Changing Landscape of Identity Fraud, which explores emerging fraud trends found in Javelin Strategy & Research's 2019 Identity Fraud Study, sponsored in part by GIACT.

Key Points: 
  • DALLAS, April 16, 2019 /PRNewswire/ --GIACT Systems, the leader in helping companies positively identify and authenticate customers, today announced the release of a new white paper, The Changing Landscape of Identity Fraud, which explores emerging fraud trends found in Javelin Strategy & Research's 2019 Identity Fraud Study, sponsored in part by GIACT.
  • The white paper identifies six key trends that are changing the dynamics of the battle against identity fraud and proposes solutions that companies across a spectrum of industries should consider to protect their customers against emerging identity threats.
  • After years of record-high fraud rates, 2018 saw the cost of fraud and the number of victims decrease for the first time in three years.
  • The total amount of identity fraud in 2018 amounted to $14.7BB and impacted 14.4MM adults in the U.S. -- more than 5% of the total population.1 While decreasing levels of fraud might bring some relief, GIACT found a more complicated picture: fraud is evolving and migrating; identity fraud has entered a new phase.

Hudson Data and LendingPoint partner to prevent Synthetic ID fraud

Retrieved on: 
Monday, April 8, 2019
Crimes, Deception, Fraud, Tort law, Identity fraud, Human behavior, Articles

SAN FRANCISCO, April 8, 2019 /PRNewswire/ -- Hudson Data and LendingPoint announced that they are partnering to create an industry solution to prevent synthetic identity fraud using powerful graph machine learning.

Key Points: 
  • SAN FRANCISCO, April 8, 2019 /PRNewswire/ -- Hudson Data and LendingPoint announced that they are partnering to create an industry solution to prevent synthetic identity fraud using powerful graph machine learning.
  • "Synthetic fraud is an industry problem and requires an industry solution in our view," said Houman Motaharian, President of LendingPoint.
  • "The particularity of this fraud activity is that synthetic IDs have been created sevento 15 years before the occurrence of actual default.
  • "We need to consider data across three dimensions: time, bureaus, and lenders," said Hudson Data CEO Menish Gupta.

GIACT® Co-Sponsors Release of the Javelin 2019 Identity Fraud Study

Retrieved on: 
Wednesday, March 6, 2019
Crimes, Deception, Fraud, Tort law, Identity fraud, Human behavior, Law

DALLAS, March 6, 2019 /PRNewswire/ -- GIACT Systems, the leader in helping companies positively identify and authenticate customers, todayannounced the release of the Javelin 2019 Identity Fraud Study ,sponsored in part by GIACT.

Key Points: 
  • DALLAS, March 6, 2019 /PRNewswire/ -- GIACT Systems, the leader in helping companies positively identify and authenticate customers, todayannounced the release of the Javelin 2019 Identity Fraud Study ,sponsored in part by GIACT.
  • The study, independently produced by Javelin Strategy & Research, highlights trends around identity fraud, including research that found that new account fraud (NAF) losses increased by $400 million in 2018 to total $3.4 billion.
  • The growth in New Account Fraud sits in contrast to the decline of overall fraud which dropped 15% from 2017 to 2018.
  • (See figure below)
    GIACT and Javelin will be co-hosting a webinar entitled, "The Rise of New Account Fraud: Best Practices in Identification and Verification" that explores the growing threat of new account fraud and the emergence of unconventional fraud targets experiencing especially high incidences of fraud.

GM Financial Collaboration with Spring Labs Demonstrates Commitment to Improving Industry Data Standards and Preventing Fraud

Retrieved on: 
Monday, February 11, 2019
Technology, Data management, Security, Automotive, Professional services, Finance, General Automotive, Cryptocurrencies, Computing, Internet privacy, Identity fraud, Information, Blockchain, Identity verification service, Data management

GENERAL MOTORS FINANCIAL COMPANY, INC. (GM Financial or the Company) today announced its collaboration with Spring Labs as part of its Spring Founding Industry Partners (SFIP) Program, which will drive improved data management standards to help address critical auto finance industry issues like identity verification and synthetic identity fraud.

Key Points: 
  • GENERAL MOTORS FINANCIAL COMPANY, INC. (GM Financial or the Company) today announced its collaboration with Spring Labs as part of its Spring Founding Industry Partners (SFIP) Program, which will drive improved data management standards to help address critical auto finance industry issues like identity verification and synthetic identity fraud.
  • Todays announcement underscores our commitment and investment to advance these efforts, and we are pleased to collaborate with Spring Labs as a member of the SFIP program.
  • We are excited to partner with GM Financial to create solutions on our developing network to address vexing economic problems such as identity fraud, says Adam Jiwan, CEO of Spring Labs.
  • Spring Labs (Springcoin Inc.) is a technology company building the Spring Protocol, a blockchain-based network that enables network participants to exchange valuable information without sharing underlying source data.

Credit Bureau Connection Announces New Synthetic Identity Fraud Prevention Solution

Retrieved on: 
Monday, January 21, 2019
Crime, Security, Fraud, Identity theft, Identity fraud, Human behavior

FRESNO, Calif., Jan. 21, 2019 /PRNewswire/ -- Credit Bureau Connection (CBC), the industry leader of credit reports, compliance solutions, alternative credit data, and soft pull products, announces a new Synthetic Identity Fraud prevention solution.

Key Points: 
  • FRESNO, Calif., Jan. 21, 2019 /PRNewswire/ -- Credit Bureau Connection (CBC), the industry leader of credit reports, compliance solutions, alternative credit data, and soft pull products, announces a new Synthetic Identity Fraud prevention solution.
  • Synthetic Identity Fraud differs from tradition identity theft in that the perpetrator creates a new synthetic identity versus stealing an existing identity.
  • CBC's Synthetic Identity Fraud detection solution compliments the current suite of fraud detection tools available with CBC's eCredit Complete software.
  • The Synthetic Identity Fraud solution is available as an add-on to Credit Bureau Connection's Advanced Red Flags compliance suite.

DeleteMe offers free month of info removal for Marriott Starwood data breach victims

Retrieved on: 
Friday, November 30, 2018
Identity theft, Economy, Money, Fraud, Crime, Property crimes, Credit freeze, Credit card, Identity theft in the United States, Identity fraud

Credit monitoring and credit freezes simply do not stop many cases of identity theft where hackers use all the information they can buy from data brokers to falsely prove they are you.

Key Points: 
  • Credit monitoring and credit freezes simply do not stop many cases of identity theft where hackers use all the information they can buy from data brokers to falsely prove they are you.
  • Credit Line Fraud Scammers open new credit cards in a victim's name, impacting chances of receiving future credit
    Healthcare Fraud With increasing costs, medical identity theft is on the rise
    Committing Crimes in your name When in contact with law enforcement, victims of identity theft can be arrested for crimes they didn't commit
    Social Engineering Hackers take over social media accounts of friends and family, targeting other individuals to get them to send money or other personal information
    DeleteMe is the #1 service for 8-years running for removing information made public about you online it cleans up personal information from dozens of sources all year long and has completed over 10 million opt-outs successfully.

ID Experts® Releases New Features to Better Protect its Members from Financial Identity Theft and Fraud

Retrieved on: 
Tuesday, November 13, 2018
Personal finance, Economy, Credit, Identity fraud, Credit score, Identity theft, Identity documents, Identity Guard

PORTLAND, Ore., Nov. 13, 2018 /PRNewswire/ -- ID Experts, the leading provider of data breach and identity protection services, announces several new features for members of its MyIDCare identity protection service that provide proactive protection from financial identity fraud.

Key Points: 
  • PORTLAND, Ore., Nov. 13, 2018 /PRNewswire/ -- ID Experts, the leading provider of data breach and identity protection services, announces several new features for members of its MyIDCare identity protection service that provide proactive protection from financial identity fraud.
  • These features are now available to MyIDCare Premier members and provide them with the peace of mind that comes from the most comprehensive identity protection on the market.
  • They include features like credit file lock, credit score tracking and instant inquiry alerts when lenders access a consumer's credit file.
  • "We're excited to offer our members innovative, leading-edge financial identity protection features that help them in proactively reducing their risks of fraud," said Thomas Kelly, president and CEO, ID Experts.

ID Experts® Announces Industry First Advanced Cloud Native SaaS Platform for Secure, Flexible Delivery of Identity Protection Services

Retrieved on: 
Monday, October 1, 2018
Security, Prevention, Security breaches, Identity documents, Safety, Secure communication, Fraud, Identity theft, Data breach, Password, Identity fraud

PORTLAND, Ore., Oct. 1, 2018 /PRNewswire/ -- ID Experts, the leading provider of data breach and identity protection services, announces delivery of a new, state-of-the-art cloud native platform for its flagship MyIDCare identity protection solution.

Key Points: 
  • PORTLAND, Ore., Oct. 1, 2018 /PRNewswire/ -- ID Experts, the leading provider of data breach and identity protection services, announces delivery of a new, state-of-the-art cloud native platform for its flagship MyIDCare identity protection solution.
  • With the release of this new platform, ID Experts is now providing highly comprehensive, ever-present identity protection for individuals and families.
  • These solutions respond to advanced social media threats, child identity theft, password compromise, medical identity fraud and dark web crime risks."
  • ID Experts is a leading SaaS provider of identity protection and data breach services trusted by millions of Americans through direct services and through government and commercial enterprises.