Fraudsters and money launderers are more adept than ever at escaping the detection of traditional fraud and AML solutions. Over the past 12 months, 63% of businesses have experienced the same or more fraud losses compared to the previous period (2018 Global Fraud and Identity Report, Experian). Ecommerce businesses are incurring high losses with credit card chargeback fraud alone. Telecom providers are struggling daily to sift through calls to find phone scam criminals. The banking industry is suffering hundreds of billions of dollars in costs thanks to new, complex AML compliance requirements.

Relational database and earlier generations of graph database vendors such as Neo4j and DataStax have struggled to provide a real-time solution due to the size and intricacy of the problem.

Real-time deep link analytics powered by a highly scalable graph database is addressing these challenges for some of the largest corporations in the world including Alipay, Visa, Uber, China Mobile and SoftBank.

Join us as we discuss how to:

– Minimize fraud with faster detection using deep link analytics
– Modernize your AML process with case studies across multiple industries
– Get fewer false positives in your fraud detection workflow

Speakers:
Victor Lee, Director Product Management, TigerGraph
Gaurav Deshpande, VP Marketing, TigerGraph

by Dana Fowle
Aired August 27, 2018

ATLANTA – You know what identity theft is. But are you up to speed on synthetic identity theft? If not, you should be.
It’s lesser known, but according to the FTC, synthetic ID theft is the fastest growing form of identification theft.

Let’s define it: Synthetic ID theft is a type of fraud that combines fake, usually stolen, information to create a new identity to open fraudulent accounts.

It’s the fastest growing form of ID theft, but less is known about it than other forms.
Again, according to the Federal Trade Commission, this type of fraud accounts for as much as 85 percent of credit card fraud cases.
Our friends at Call for Action get the calls that support Transunion’s estimates that last year $355 million in outstanding credit card balances belong to people who don’t exist. Call for Action participated in a panel to get congress up to speed on this issue. And now they want you, too, to get your head around it.
Now, two groups of folks are in the greatest risk categories. They are children born after June 25, 2011 and new immigrants. Why? That’s the day – June 25th – that the Social Security Administration began randomizing social security numbers.
And this is particularly terrible for children because someone could be using a part of their identity for decades before they realize it. And then there they are trying to get a credit card or their first job and realize someone has wrecked their credit, which should at that point be pristine.
PROTECT YOURSELF FROM SYTHETIC ID THEFT
– Shred credit card offers that come in the mail.
– Keep your child’s personal identifying information hidden away. Often the ID thief is someone you know.
– Freeze your child’s credit now. Some state don’t allow that, but Georgia does.
You can reach out to credit reporting agencies to freeze credit.
There are red flags that indicate your child is an ID theft victim. If she is getting credit card offers in the mail, check her credit status. If he is receiving collections calls, again, check his credit status.

Identity fraud rates have increased 44% since 2019 — the threat isn’t going anywhere. What defenses can your business put in place to prevent fraud for the year ahead?

In this webinar, Onfido’s fraud experts offer their fraud predictions and recommendations for the year ahead. You’ll learn:

– What new fraud trends and techniques emerged in 2021
– Fraud predictions for the year ahead: from data breaches to synthetic and investment fraud
– Practical measures you can put in place to protect your business in 2022

Your personal information can be used by criminals to assume your identity and acquire retail or bank accounts or even to defraud your insurance.

eNCA’s Personal Finance guru, Maya Fisher-French joins us via Skype to discuss ID fraud and how it can mess up your finances.

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