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Experian launches Sure Profile to fight against Synthetic Identity fraud

Craig Boundy, CEO of Experian North America

California based Experian, committed to helping protect, understand, and improve credit has announced the launch of Sure Profile, a breakthrough solution to fight against synthetic identity fraud. Sure Profile is a comprehensive credit profile that uses premium data to not only provide a composite history of a consumer’s identification, public record, and credit information but helps users identify synthetic fraud threats across credit inquires.

Experian through the announcement, claims to be the first company with an offering to combat synthetic identity fraud that is integrated into the credit profile with market-leading assurance. With Sure Profile, Experian is sharing fraud losses with the lender if the losses occur on assured profiles.

Synthetic identities are a significant challenge for lenders because there’s not an industry standard or a single definition that can be used to establish the legitimacy of an identity. Besides, understanding the financial impact of synthetics has been difficult for lenders as losses tied to synthetic identity fraud are typically categorised as defaults or “bad debt.”

The new solution validates consumer identities, detects profiles with increased risk for synthetic identity fraud and helps cover losses resulting from synthetic identity fraud for assured profiles. It leverages the capabilities of the Experian Ascend Identity Platform to utilise data assets and data quality to drive advanced analytics that set a higher level of protection for lenders. The platform unites ​data not just from the company credit database but also from consumer permissioned, expanded -FCRA and combines machine learning models to resolve identities and definitively isolate synthetic traits.

Sure Profile offers lenders a streamlined approach to define and detect synthetic identities early in the origination process. It differentiates between real people and potentially risky applicants, enabling lenders to increase application approvals with less risk. It helps

  • share synthetic fraud losses
  • avoid high-risk synthetic identities and losses through its risk-segmentation and alert approach
  • Improve operational efficiency and downstream by preventing synthetic identities from entering the portfolio
  • Distinguish fraud losses that are typically miscategorised as credit losses

“Experian can confidently define and help detect synthetic fraud. That’s why we can help stop it. Experian stands behind our data with assurance given to our clients. It’s better for lenders and it’s better for consumers,” said Craig Boundy, CEO of Experian North America.

The company expects to authenticate most credit applications through Sure Profile. In cases where the identity can’t be assured, the company intends to deliver additional fraud risk indicators, so that lenders can take the next steps to verify the potential borrower’s identity and prevent fraud.

Established since 1980, Experian is a leading global information services company empowering consumers and clients to manage their data with confidence. The FinTech helps to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend responsibly, and organisations to prevent identity fraud and crime.

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