The team at 700Credit this week rolled out a new solution built to identify and combat synthetic fraud using a suite of synthetic identity detection rules to prevent criminals from continuing to hide behind false identities.

The provider of credit reports, compliance solutions, prescreen and consumer pre-qualification products and services explained that its synthetic fraud detection solution is one of many defensive tools available to detect potential threats that could not be spotted with traditional verification methods.

Executives at 700Credit insisted early detection can enhance the loan origination process, “pushing out” threats early and streamlining the funding process.

When it comes to synthetic identity fraud, 700Credit managing director Ken Hill went on to acknowledge that knowing there is a problem is only half the battle. Detecting it is challenging because fraudsters take the time to develop their synthetic identity to mirror a real person.

“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,” Hill said. “Our model complies with the Fair Credit Reporting Act (FCRA) 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 can look 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 specific 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, contact 700Credit at (866) 273-3848.