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Data breaches have given criminals access to more personal information than ever before. Armed with this information, they steal real peoples’ identities or construct synthetic identities. The move to a digital economy, where applications often happen online, means little face-to-face interaction. This gives fraudsters the ability to hide behind stolen or fabricated identities. They use these identities to open accounts and access money, goods and services they have no intention of repaying. If application fraud is not prevented, it quickly:
It is vital to stop fraudsters at point of origination. Decisions driven by machine learning analytics and fuzzy matching ensure businesses can say yes to more of their legitimate customers while turning away the fraudsters. FICO® Application Fraud Manager is designed to:
Tackling fraud rings
Brute force application fraud attacks are a new norm. Perpetrated by organized criminals, a sustained attack sees losses quickly multiply – millions lost in the matter of days. The attacks are both systemic and methodical, but the most common identifying features are velocity and recycled personally identifying information. Spotting repeated information – whether exact or fuzzy - uncovers the wider web of data that strings together a criminal enterprise. FICO helps you automate this to:
Proactively uncover fraud rings with graph analytics.
Stop fraud at the point of origination.
Europol’s European Cybercrime Centre estimates that global telecommunications fraud costs roughly $33 billion, however the true cost likely exceeds even that grandiose figure. Telecommunications fraud has become a misnomer because thieves ...
In an environment where face to face interactions with your new customers have become difficult, how do you protect your organization from fraudsters looking to open accounts using stolen or synthetic identities? The proof is in the selfie...
In these uncertain times even more business moves to digital channels, compliance teams face new challenges and need to adapt to new emerging threats. While customer expectations of a frictionless experience grows and the opportunity for f...