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.

Synthetic ID Types

Manipulated: based on a real identity with limited changes to SSN and other elements
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

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
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Proprietary Analytics

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

Talk to an Expert

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™

blog

How to Tackle Synthetic Identity Fraud Using Phone-Centric Identity™

As online identity theft increases in number, enterprises are now faced with varying types of identity theft to deal with. Read how Phone-Centric Identity can play a crucial role in fighting this fraud by analyzing three crucial three factors.

Detect Synthetic Identity Fraud

The world’s best companies trust Prove