Credit issuers can face synthetic identity fraud attempts that amount to tens of millions of dollars or more in potential charge-offs. But, there is a solution.
FraudIQ® Synthetic ID Alerts enable credit issuers to efficiently identify card accounts likely to be a result of authorized user abuse.
In this case study, a leading credit card issuer was struggling with rising unrecoverable charges. The customer knew that a portion of card accounts were a result of synthetic identities
created via authorized user abuse, but did not have an efficient way to identify them.
With FraudIQ Synthetic ID Alerts, the credit issuer was able to:
*Pinpoint card accounts that were likely opened using synthetic identities
*Protect against fraud write-off charges resulting from lack of payment on card balance or interest charges from synthetic identity accounts