Resource Center

Resource Center

 

We have selected announcements, relevant news articles and white papers from various sources to provide a more in-depth background of First Party Fraud. They are intended to provide real life examples of these types of activities and the risks businesses may encounter.

 


News & Announcements

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July 26, 2017 - GAO-17-708SP Report

The U.S. Government Accountability Office publish GAO-17-708SP, a report to Congress.

The following is an excerpt from the GAO Highlights.

Why GAO Convened this Forum

According to experts, SIF has grown significantly in the last five years and has resulted in losses exceeding hundreds of millions of dollars to the financial industry in 2016. A key component of synthetic identities is SSNs—the principal identifier in the credit reporting system. There are many questions about SIF; the threat it poses to the financial system, government programs, and national security; and the most effective partners and methods for combating SIF.

GAO convened and moderated a diverse panel of 14 experts on February 15, 2017 to discuss: how criminals create synthetic identities; the magnitude of the fraud; and issues related to preventing and detecting SIF and prosecuting criminals. With assistance from National Academy of Science, GAO selected panelists (private sector and government) based on their publications, referrals from other experts, and their specific skills and knowledge of SIF. The viewpoints in the report do not necessarily represent the views of all participants, their organizations, or GAO. GAO provided participants the opportunity to review a summary of the forum and incorporated their comments as appropriate.

April 2, 2015 - TRS and IBM partner on Synthetic Identity Fraud whitepaper . . .

IBM and Turnkey Risk Solutions (TRS) have combined their expertise to analyze and provide solutions to help mitigate losses in multiple industries. The IBM Counter Fraud Management tool is a single next-generation integrated solution that addresses all phases of enterprise counter fraud. The TRS team is widely acknowledged throughout the financial services industry and by US federal and local law enforcement agencies as subject-matter experts for first-party fraud. Figmentum is our premier solution suite, which contains algorithms that target organized fraudulent behaviors throughout the customer lifecycle.

March 2, 2015 - TRS receives WBENC national certification . . .

Turnkey Risk Solutions, a business specializing in First Party Fraud Solutions, received national certification as a Women’s Business Enterprise by the Women’s Business Enterprise Council PA-DE-sNJ, a regional certifying partner of the Women’s Business Enterprise National Council (WBENC).

WBENC’s national standard of certification implemented by the Women’s Business Enterprise Council PA-DE-sNJ is a meticulous process including an in-depth review of the business and site inspection. The certification process is designed to confirm the business is at least 51% owned, operated, and controlled by a woman or women.

About WBENC

The Women’s Business Enterprise National Council is the nation’s largest third party certifier of businesses owned and operated by women in the United States. WBENC is a resource for more than 700 US companies and government agencies that rely on WBENC’s certification as an integral part of their
supplier diversity programs.

 

Web Links

 

The articles listed below represent a small cross section of relevant press releases for First Party Fraud and the impacts associated within multiple industries. These articles were selected to illustrate that even though First Party Fraud has become the new buzz word it has existed for many years. Due to the lack of accurate identification and controls it has become persistent and pervasive.

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First Party Fraud . . .

The “Customer” is the perpetrator of the fraud and the business is the victim.


BUST OUT - A fraud scheme where the “Customer” intends to maximize the amount of loss to a business; frequently going significantly over the credit limit.

CREDIT REPAIR - “Customer” is intentionally manipulating their credit history in an effort to hide from bad credit.

SYNTHETIC IDENTITIES - An identity that is fabricated leveraging a valid Social Security Number (SSN) and combining it with fictitious Personal Identifying Information (PII)

REPUTATIONAL RISK . . .

These articles are examples of potential implications of First Party Fraud


ANTI-MONEY LAUNDERING (AML)

CHILD ID THEFT

KNOW YOUR CUSTOMER (KYC)

IMPACTED INDUSTRIES . . .

 


White Papers

 

Synthetic identity fraud: Can I borrow your SSN? Who else might be using your Social Security number and why?

This paper is a primer for understanding synthetic identity fraud. It defines synthetic identity fraud, describes its evolution, explains how it works and what the identities are being used for, identifies the industries being impacted and shows who is most commonly targeted and why. It also highlights some of the challenges and the ramifications associated with this fraud type.

Download White Paper