To combat a growing threat that's expected to drive $48 billion in annual online payment fraud losses by 2023,1 Experian has announced the launch of Sure Profile. Experian is the first company with an offering to combat synthetic identity fraud that is integrated into the credit profile with market-leading assurance. With Sure Profile, Experian is putting "skin-in-the-game" by sharing fraud losses with the lender if the losses occur on assured profiles.Sure Profile validates consumer identities, detects profiles that have an increased risk for synthetic identity fraud and helps cover losses resulting from synthetic identity fraud for assured profiles.Leveraging the capabilities of the Experian Ascend Identity Platform™, Sure Profile utilizes Experian's industry-leading data assets and data quality to drive advanced analytics that set a higher level of protection for lenders. Powered by newly developed machine learning and AI models, Sure Profile offers lenders a streamlined approach to define and detect synthetic identities early in the originations process.Experian's Sure Profile differentiates between real people and potentially risky applicants, so lenders can confidently increase application approvals with less risk."Experian can confidently define and help detect synthetic fraud. That's why we can help stop it," said Craig Boundy, CEO of Experian North America. "Experian stands behind our data with assurance given to our clients. It's better for lenders and it's better for consumers."Experian expects to authenticate most credit applications through Sure Profile. In the cases where the identity can't be assured, the company will deliver additional fraud risk indicators, so that lenders can take the right next steps to verify the potential borrower's identity and prevent fraud.
Experian solution tackles synthetic ID fraud
