Identity fraud occurs when a person intentionally uses false personally identifiable information (PII) such as a name, address, date-of-birth and Social Security Number (SSN), to improperly obtain goods and services.
While identity fraud can be carried out as an individual act, thieves often collude to perpetrate their crimes, forming a fraud ring. Members of the ring may either be stealing victims’ identities or improperly sharing and manipulating personal identifying information.
By working together instead of on their own, members of the fraud ring can share information that helps them to make more money, better elude detection, aid one another with logistics, and carry out more diverse and complicated strategies for committing fraud.
The Scope of Identity Theft
Ever-growing databases of personal and financial information are being stored online, giving thieves more opportunities to breach security and obtain valuable personal identity data. At the same time, identity theft rings continue to innovate, continually developing new strategies to commit fraud.
Statistics related to identity fraud confirm the pervasiveness of this type of fraud.
A Patented Approach to Defeat Identity Fraud Rings
Combining collective network insights and advanced data science, enables LexisNexis Risk Solutions to build new variables into our fraud models. Those models offer the ability to recognize subtle patterns of fraudulent behavior and highlight them in our tools to detect bogus applications before they’ve been approved.
When enterprises have the right tools to identify fraud rings, they can tailor their remediation practices to reflect specific threat vectors and further prevent fraud losses.
Contact a Sales Representative to learn more about our fraud and identity solutions.
1 LexisNexis Risk Solutions internal data sources
3 Insurance Information Institute, Facts + Statistics: Identity theft and cybercrime
4 Statista, Distribution of global data breach incidents in 1st half 2018, by type
5 Statista, Annual number of data breaches and exposed records in the United States from 2005 to 1st half 2020
6 Insurance Information Institute, Facts + Statistics: Identity theft and cybercrime
7 Proofpoint, Global Cybersecurity Awareness Survey Reveals 33 Percent of U.S. Respondents Have Experienced Identity Theft, More than Twice the Global Average
8 Clark, There’s a new victim of identity theft every two seconds: Here’s the best way to protect yourself online