Ekata - Synthetic Identity Fraud: What Financial Institutions can Learn from BNPL to Better Protect Their Business
Common Sense Virtual Roundtable:

Synthetic Identity Fraud: What BNPL Challenges Can Teach Financial Institutions About Protecting Their Business

March 3rd, 2022, 10 AM – 11 AM CT, Successfully held

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Here’s what we discussed:

Synthetic identity fraud is a growing crime wreaking havoc in the fintech space. It entails a bad actor using elements of personal information from real people to create what appears to be an authentic identity. Because the fake identities are pieced together using real elements from potential good customers, it can be very challenging to detect and combat this type of fraud using traditional identity verification methods.

Let’s take Buy Now, Pay Later (BNPL) as an example of how synthetic identity fraud plays out more broadly in the financial services space. Given how competitive customer acquisition is for these companies, speed of decisioning and the ability to service thin-file applicants remain a high priority. This makes them a great illustration of the broader challenges that synthetic identity fraud pose to the rest of the financial services market.

Ultimately, regardless of whether you’re a BNPL or traditional financial institution, it comes down to the same question: How do you as a financial institution balance customer acquisition with fraud prevention?

Join Ekata, a Mastercard company, live on Thursday, March 3, 2022, at 10 am CST when Ian Li, Director of Global Strategic Accounts, will answer that question. He’ll lead the group in a discussion about:

  • The ongoing threat of synthetic identity theft for financial institutions
  • How to spot synthetic identities early in the onboarding waterfall
  • Identity verification strategies and tools to protect your business

Solution Expert

Ian Li
Director of Global Strategic Accounts at Ekata

Here is what we learned:

Cesar De La Torre, Vice President, Authentication Program Manager, Synchrony

De La Torre works in the authentication space and is interested in learning about what is going on industry-wide in terms of automation.

It would be easy to just run a control group and see what the exposures were, but De La Torre said he is not prepared to let known synthetic accounts grow and cost them money. His approach is more akin to using groups of customers to test new vendors and new practices to see what the impacts are and infer what is working and what is not.

One of the things they try to do is understand the relationship between a potential client and their devices, particularly their phones. The detail they can glean from that information is helpful not only in identifying fraudsters but opening the way for false positives to get into the system.

Jason Wiesler, VP, Digital Product Experience Design Manager, Apple Bank

Wiesler oversees the account opening channel and some of the digital banking experiences. They do have a solution they use for identifying fraud on their online products.

They have a vendor who provides them with a tool to detect synthetic identities that works on a fairly simple score basis the use in conjunction with their CIP and onboarding processes.

Request detailed session notes

We are careful about who we send this key document to. The session notes will be sent based on the request, provided your profile matches our qualification criteria.

About Ekata:

Ekata provides APIs and a SaaS solution built around five core identity elements: name, phone, email, address, and IP to help you assess risk in all types of online interactions. These include fake account creation, payment authentication, transaction fraud and manual fraud review.

Participation in the Virtual Roundtable is free of charge to qualified attendees. Once you’ve completed the registration, we’ll confirm your invitation and send you a calendar invite with a link to the meeting.

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