Synthetic Identity Fraud Risk Signals for Onboarding and Originations

How-To

Learn how to use the comprehensive data attributes and risk signals of Identity Check for assessing whether an application or transaction is associated with synthetic identity fraud.

Synthetic identity theft, the creation of a fictitious identity by combining legitimate identity data with fake information, has become a billion dollar business. As synthetic identity fraudsters look for high returns on their schemes, financial institutions are most at risk.

feature_image-mitigate_risk@2xTo combat this new form of fraud, industry experts, including Gartner analysts, recognize that absolute identity proofing with static data is no longer practical. In order to increase applicant processing efficiency and combat synthetic identity theft, a layered approach to identity verification has become vital.

Learn how to use comprehensive identity data attributes that point to the validity of an applicant’s submitted information. Whitepages Pro Identity Check™ layered into the front-end of the account on-boarding process helps validate identities, catch discrepancies, and triage risky applications quickly.

How to use Identity Check data to assess risk

Whitepages Pro dynamic identity data provides lenders with a view of the identity behind the application independent of credit history. It is an additional layer for real-time identity assessment and is built to provide valuable data that assists bankers in the decision-making process. The many available data points also help banking professionals build a complete customer profile to fill application gaps.Whitepages Pro Identity Check

Identity Check is the only five-in-one search solution that takes a customer’s application data, including name, addresses, phone, IP address, and email, and intelligently matches the data attributes in real-time.

Identity Check also returns a variety of signals that correlate to potential risk on applications or account sign-ups. Based on our research and data, here are some of the signals that you should be aware of when using our dynamic data for identity assessment.

Data signals associated with synthetic identity fraud

Identity Check is an identity verification product that provides valuable data to assist you with your rules, workflows, and decisioning processes. It is a valuable layer to include in your current identity verification protocol to assess whether transactions or on-boardings are associated with synthetic identity fraud.

Identity Check Risk Signal: Data Mismatch

Data Mismatches

If Whitepages has a different name in our records for the phone, address, or email than what is submitted on an application, additional review may be required.

Identity Check Risk Signal: Invalid Information

Invalid Contact Information

If Whitepages records indicate that a phone, address, email, or details about the email on the application are invalid, it may require additional review.

Identity Check Risk Signal: New Email Domain

New Email Domain

Whitepages can identify when an email domain was created. If the domain is brand new or was recently created, that is a very strong risk signal.

Identity Check Risk Signal: Non Fixed VOIP Phone

Non-Fixed VOIP Phone

This phone line type is very easy to sign up for, is often free, and requires no verification. It is one of Whitepages’ strongest risk indicators.

Identity Check Risk Signal: Prepaid Phone

Prepaid Phone

Whitepages data recognizes if a phone is prepaid. This is a potential risk indicator for certain types of transactions, such as larger dollar items or those associated with long term contract.

Identity Check Risk Signal: E-mail Never Seen

Email Never Seen

If Whitepages has never seen an email before, or if the email appears to have been established within the last 90-120 days, there is a much higher risk of the email address being associated with synthetic identity fraud.

Identity Check Risk Signal: Auto-generated E-mail

Auto-Generated Email

This flag can tell when an email looks like it was auto-generated by a computer program, making it a high risk indicator.

Identity Check Risk Signal: Disposable E-mail Domain

Disposable Email Domain

These email services are free, easy to use, and are often associated with synthetic identity fraud.

Identity Check Risk Signal: Proxy IP Address

Proxy IP Address

If the transaction or application is completed using a proxy IP address, the location is being masked and the transaction may be coming from a location associated with synthetic identity fraud.

Identity Check Risk Signal: Non-mail Receiving Address

Address

Whitepages informs you if the street address is receiving mail and whether the location is a single-family or multi-family dwelling, a residence, or business to help you build an actionable risk profile.

Data associated with positive signals - a foundation to build on

Whitepages Pro dynamic identity data also provides significant value in identifying good applications and improving agent review times. These verified attributes allow you to confidently Know Your Customer.

Identity Check Positive Signals: Matching Data

Matching Data

Whitepages matches the name, phone, address, email, and IP on an application to determine if they belong to the same person.

Identity Check Positive Signals: Established E-mail

Email first seen…

When Whitepages shows an email first seen date more than two years ago, it is a strong indicator of legitimacy.

Identity Check Positive Signals: Mail Receiving Address

Address…

When Whitepages shows that an address is currently receiving mail and has an established history with the occupant, it’s a strong positive indicator.

Identity Check Positive Signals: IP Geolocation

IP Geolocation…

When Whitepages shows that the contact elements (address, phone, etc.) are near the address of the transaction, it’s a strong positive indicator that this is a legitimate identity.

Whitepages Pro’s dynamic identity data empowers great brands to loan money smarter across prime, alternative, and subprime lending, including three of the top ten banks, several of the largest alternative lenders, and four of the top six home mortgage lenders. Improving the customer profile early in the process pays dividends throughout the lifecycle of the customer relationship.

Identity Check is also available via API, so you can easily use it in your current application review and onboarding workflow. Whitepages Pro APIs can directly be integrated through one of our partners or directly into your systems.

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