Synthetic identity fraud happens when a bad actor uses a combination of real and fake personal identifying information (PII) to create a digital identity. The bad actor can use the synthetic identity to open bank accounts and rack up charges on multiple lines of credit. They can even take out insurance policies or apply for government assistance benefits.
Roughly 1.8 million consumer credit accounts were identified as potential synthetic identity fraud within a year, according to a recent Equifax study. And more than 30% of those accounts were at risk of delinquency or charge-offs with average losses of $8,000-$10,000 per case.
Protect real digital identities
Increase trust among existing customers
Reduce fraud losses from false digital identities
Protect internal resources and improve business operations
Improve the number of completed customer transactions
Kount’s synthetic identity fraud solution combines digital identity verification data with unique, customizable business policies to assess the risk or trust associated with a user. For example, suppose a bad actor creates a synthetic identity to apply for a credit card online. Kount uses advanced AI, machine learning, and data from the Identity Trust Global Network to evaluate elements of that digital identity for fraud.
Similarly, Kount’s Email Insights provides businesses with another way to evaluate a customer’s digital identity and measure risk. Kount’s solution evaluates email risk and usage trends to provide insight into the behavior associated with a digital identity.
A bad actor may commit new account fraud with a synthetic identity to abuse sign-up, referral, and free-trial bonuses. Because the digital identity isn’t tied to a real person, it’s difficult for businesses to determine if the account belongs to a legitimate customer. As a result, businesses lose sales and revenue, waste money on marketing promotions, and don’t retain good customers.
Automatically approve high-trust interactions and decline low-trust interactions in real time with Kount Command. Using advanced AI and two types of machine learning, Kount Command analyzes data from every interaction to help businesses block fraud.
Additionally, Kount Command reduces false declines and eliminates manual reviews. In turn, you can invest more time and resources into growing your business.
Improve your account protection policies with Kount Control. Manage trusted devices and track failed login attempt data in real time. With Kount Control, you can challenge high-risk behavior and reduce friction for good customers.
Kount Control combines two types of machine learning and device intelligence to prevent card testing, credential stuffing, malicious bot attacks, and more.
Kount can protect your business and customers from synthetic identity fraud