Equifax Unveils Synthetic Fraud Alerts

By Staff Writer August 29, 2018

Equifax Inc. announced the launch of its FraudIQ Synthetic ID Alerts, developed to protect against synthetic identity (ID) fraud while minimizing false positives.

FraudIQ Synthetic ID Alerts, delivered in batch or real-time, are based on patent-pending algorithms that analyze attributes such as authorized user behaviors and identity discrepancies to help determine if the identity presented is potentially synthetic.

Synthetic ID fraud occurs when new fake identities are created using different components of real identities, such as a name from one person, an address from another and the Social Security Number from someone else. After the identity is created, fraudsters open new accounts, gain credit, and abandon the accounts.

Last modified on Wednesday, 29 August 2018 13:28

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