Synthetic ID

Detect Synthetic Identity Fraud

Upgrade to a more robust and cost-effective identity proofing solution that protects against this fraud vector.
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The world’s best companies trust Prove

Real Problem, Fake Identities

$2.4B: Estimated fraud losses from synthetic identity for unsecured U.S. credit in 2023

Synthetic ID Fraud impacts institutions and consumers alike. Often, synthetic identity fraud is mistaken for first-party fraud and is only discovered during an investigation due to fraud occurring on the account.
Enhance cx customer experience

Synthetic ID Types

  1. Manipulated: based on a real identity with limited changes to SSN and other elements
  2. Manufactured: composed of valid SSN and PII data pulled from multiple identities OR built from entirely fabricated information

Common Attack Method

A bad actor sets-up a Synthetic ID at a credit bureau and allows it to mature over time, then utilizes the synthetic ID to gain access to credit
Enhance cx customer experience

How Prove Fights Synthetic Identity Fraud

Prove Identity™

Prove Identity™ verifies a consumer's identity via their phone, modernizing onboarding, reducing friction, and preventing fraud.
Using consumer-provided information as well as confirming possession of the phone they rightfully own, Prove Identity™ leads to the highest pass rates with the lowest amount of fraud and friction.
Sample Consumer Attributes Validated:
  • Name
  • Address
  • SSN
  • Driver’s License Number
  • Date of Birth
  • Phone Number
  • Email
Prove Identity™ analyzes the following fraud indicators:
Behavioral Biometrics
Device Identity/Reputation
Mobile Phone Tenure/Reputation
PII Usage Patterns
Velocity Checks
Comprehensive Data Sources

Leverage authoritative, bank-grade, & compliant data sources

Real-time Processing

Potential synthetic identities provided in real-time

Proprietary Analytics

Evaluates risks by assessing possession, reputation, and ownership "PRO" of phone number

All Prove solutions leverage the “PRO” model of identity verification & authentication

Possession, Reputation, Ownership: 3 unique checks that detect and deter the most aggressive types of fraud including:
Synthetic Identity, Account Takeover (via SIM Swap), True Name, First-Party

Possession

John is physically holding
the phone

Phone numbers are bound to mobile phones with 128-bit encryption, allowing Prove to authenticate Possession.

Reputation

The phone number has 10 years of real-time behavior

Phone numbers have Reputation, allowing Prove to assess risk
in real time.

Ownership

The phone number is owned and operated by John

99% of consumers have a personal phone number, allowing Prove to verify identity via Ownership.

Learn More About PRO & Phone-Centric Identity™
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Get Real About Synthetic IDs

Protect your business and customers against evolving fraud threats with a more robust solution.

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