Fraud Management & Cybercrime , ID Theft

Identity Theft and Detecting Organized Fraud Ring Activity in Real Time

Identity Theft and Detecting Organized Fraud Ring Activity in Real Time

How do Organized Fraud Rings (OFR's) monetize the personal information made widely available from the growing number of data breaches? How can we detect and disrupt this activity?

From these breaches, fraudsters obtain just enough personal information to access user accounts or attempt to pull free credit reports on any individual they target. These reports contain a wealth of data with which they can use to then impersonate that individual, answer "knowledge" based questions and subsequently succeed at a variety of credit application types. The resulting credit instruments are then used to purchase expensive items which can then be charged back and so on.

Historically, the fragmented organizations that unwittingly constitute this "fraud supply chain" could provide no coherent indication of suspicious activity. Each step could only be observed in isolation. However, solutions are now available to correlate events across the multiple disparate systems involved to join the dots and see the complete picture. Centralized collection of activities through every phase of the fraud process can identify and alert on suspicious patterns and stop it in its tracks, even where evasive techniques such as geographical dispersion and ISP switching are employed. In this session we'll discuss this process and a number of the supporting capabilities such as:

  • How the correlation of activity and transaction velocity can identify fraudulent behavior;
  • How tying activity to persistent device identification provides further evidence that identity theft and fraud are being perpetrated;
  • How the sharing of global fraud intelligence to provide insight into transaction risk can help law enforcement identify, investigate and prosecute fraud.

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