FARMINGTON HILLS — Farmington Hills-based 700Credit, LLC, the provider of credit reports and compliance, prescreening and consumer pre-qualification products and services, announced a new product to identify and combat synthetic fraud using a suite of synthetic identity detection rules to prevent criminals from continuing to hide behind false identities.
Synthetic ID is an emerging form of fraud, like ID theft. The company says its synthetic ID detection system is one of many defensive tools available to accurately detect potential threats that could not be spotted with traditional verification methods. Early detection enhances the loan origination process, “pushing out” threats early, streamlining the funding process.
“Our solution includes a combination of a high-risk fraud score along with synthetic identity rules to find false identities that alert dealers of potential risks,” said Ken Hill, managing director of 700Credit. “Our model complies with the Fair Credit Reporting Act and returns a risk score with factors to help determine if a new customer application is likely associated with a synthetic identity.”
Using proprietary logic and unique combinations of available data, the high-risk fraud score looks at a consumer’s credit behavior and credit relationships over time to uncover hard-to-detect risk.
“The high-risk fraud score has been very effective in finding those synthetic identities that are established and approaching the maturity level necessary to perpetrate fraud. Additionally, the score can detect those identities that are products of synthetic identity farms,” Hill said.
To address a synthetic identity fraud challenge that extends beyond credit behavior and relationships, 700Credit offers synthetic identity detection rules consisting of 30 conditions that evaluate a broad selection of consumer behaviors. When they occur in specific combinations, these behaviors indicate a higher probability of synthetic identity fraud.
The synthetic fraud solution is available as an add-on to the 700Credit Red Flag Summary product. For more information, visit www.700credit.com
