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Credit and loan application fraud has become a leading problem for financial institutions in recent years. With more and more counterfeit IDs, a wealth of information available to fraudsters from data breaches, and the creation of synthetic identities, it can overwhelm any financial institution’s defenses.
On top of that, application processes are often lengthy and cumbersome, making approval more difficult for you and your applicants.
Credit and loan application fraud has become a leading problem for financial institutions in recent years, superseding account takeover fraud in 2019.¹ With more and more counterfeit IDs, a wealth of information available to fraudsters from data breaches, and the creation of synthetic identities, it can overwhelm any financial institution’s defenses.
On top of that, application processes are often lengthy and cumbersome, making approval more difficult for you and your applicants. With The Work Number ID from Equifax Workforce Solutions, you can quickly confirm who the applicant on the other side of the screen is – helping you prevent fraud and streamline workflow.
Synthetic identities are created identities that use partially or fully fictitious data. In some cases, fraudsters will use certain fields of data from a real consumer. For example, they might use a legitimate Social Security number (SSN) and transpose some digits or make up the data entirely.
The Work Number ID is a unique product that enables you to validate whether the name and SSN supplied by an applicant match that name and SSN in Equifax’s national employment and income database of more than 155 million identities.
Since it’s much more difficult to make up an identity in the work world, comparing your applicant’s information to that of the workforce database increases your chances of identity verification – and reduces the chance of fraud.
To learn more about The Work Number ID from Equifax Workforce Solutions, download the full document or contact us.
Resources:
¹ See Aite Group’s report Key Trends Driving FI Fraud Investments in 2020 and Beyond, November 2019. ² Based on Equifax report of The Work Number ID solution and various customers with different use cases.