Stopping Synthetic Identity Fraud with SEON and Decisimo - Decisimo

Published on: 2024-08-10 18:29:56

Synthetic identity fraud exploits small gaps in identity data. This article explains how SEON adds digital footprint and address analysis to registration checks, and why that mix helps businesses spot suspicious identities before they open an account or complete a purchase.

The Growing Problem of Synthetic Identity Fraud

When you and your team assess fraud exposure, synthetic identity fraud is a growing issue in financial services and e-commerce.

A fraudster combines real and fake information to create a new identity, then uses it to open accounts or make purchases.

One way for your registration team to reduce synthetic identity fraud is to use tools that enrich email addresses and profiles during registration. Your team can use SEON for this.

Combating Synthetic Identity Fraud with SEON

SEON is a fraud prevention data provider that uses machine learning to analyze email addresses and other information to identify and block synthetic identities. Its services include Digital & Social Media Lookup and Address Profiling.

Digital & Social Media Lookup

In-depth background checks

The Digital & Social Media Lookup feature lets businesses run in-depth background checks using data points from 50+ digital and social media platforms. This builds a detailed digital footprint of an individual or organization.

This helps businesses identify potential synthetic identities and suspicious activity.

Address Profiling

Confirming validity and calculating risk

When your team checks an address, the Address Profiling feature confirms that it is valid and gives you detailed domain WHOIS information, including details about the registration and ownership of a domain name.

When you review an address, the feature also calculates a risk score based on address age, string analysis, and data breach lookup.

This helps businesses identify and block synthetic identities using potentially fraudulent domains.

The Power of Combining Digital & Social Media Lookup

SEON's combination of Digital & Social Media Lookup and Address Profiling is useful for businesses looking to prevent synthetic identity fraud during registration.

By analyzing multiple data points and identifying patterns of suspicious activity, businesses can better protect themselves and their customers from synthetic identities and other types of fraud.

You should use SEON as part of your broader security strategy against synthetic identity fraud and other online threats.

Easy Integration of SEON into the Decisimo

When your team adds SEON to existing systems, SEON is designed to integrate easily, including with the Decisimo decision engine. Decisimo gives your team a range of templates and pre-built integrations, so they can get started quickly with SEON.

Integrate SEON into your antifraud decision logic. Read the integration guide.

The integration process is clear, so businesses can quickly add SEON's anti-fraud checks to account opening or e-commerce transaction flows.

It is useful to run SEON's anti-fraud checks alongside other tools such as MaxMind or AbuseIPDB in one decision flow, to get a clearer view of potential fraud and make better decisions.

Streamlining Anti-Fraud Checks

The integration of SEON into the Decisimo decision engine lets businesses run standard anti-fraud checks during account opening or e-commerce transactions.

This helps ensure that only legitimate and verified customers can open accounts or make purchases. This reduces fraud risk and financial losses.

The system can also be configured to automatically flag or block transactions identified as high risk, adding another layer of protection against synthetic identity fraud and other types of fraud.

Effectively Combating Synthetic Identity Fraud

By adding SEON to Decisimo decision flow logic for anti-fraud, businesses can combat synthetic identity fraud. This makes account opening and e-commerce transactions more efficient.

When you review an identity, you can use SEON and other tools to build a full risk profile and verify whether it belongs to a real person or a synthetic identity.

This lets businesses focus on growing their customer base and revenue. They do not take on unnecessary fraud risk.

 

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