Question: How can I reduce financial fraud losses from loans and credit cards by identifying synthetic identities at the point of account creation?

To cut financial fraud losses from loans and credit cards by spotting synthetic identities at the moment of account opening, Deduce is a highly effective AI-based identity fraud prevention system. It combines patented technology with the largest activity-backed U.S. fraud and risk identity graph to perform real-time data forensics. This allows for synthetic identity detection at the moment of new account creation and for existing customers, resulting in a dramatic reduction in financial fraud exposure.

Another strong contender is Forter, which offers an Identity Intelligence platform. Forter offers real-time decisions for every customer interaction, blocking fake accounts and takeover attempts. Its Fraud Management, Payment Optimization, and Abuse Prevention capabilities increase authorization rates and automate dispute handling, resulting in lower chargeback rates and false declines.

Riskified is another option. Its fraud and risk intelligence platform, powered by AI, helps e-commerce businesses maximize revenue and minimize fraud. It detects fraud 2-3 times better than competitors by evaluating over 480 data attributes, making it a highly effective solution for risk assessment and fraud prevention. The platform also offers features like Chargeback Guarantee and Policy Protect, which dramatically reduce fraud costs and increase transaction success.

If you want a more integrated solution, Verisoul offers a fraud detection and prevention platform that automates manual processes and consolidates vendors. It detects a range of fraud types, including repeat sign-ups and account takeovers, by analyzing a broad range of signals such as device risk and geo-location. Verisoul's automated decisions and workflows automate the fraud prevention process, making it easy to deploy across multiple industries.