Synthetic identity fraud has been on the rise for many years. As fraudsters become ever more sophisticated it is becoming more difficult to identify legitimate consumers. At the same time consumers are demanding a more frictionless borrowing experience putting lenders in a difficult spot. Enter Experian’s new Sure Profile offering that was released just last month.
First let’s try to define synthetic identity fraud. As the name implies it is the creation of a false identity but typically done using pieces of valid information. So, there is a real social security number but with false personally identifying information. Often this other information is actually valid, as in a real address, real name and real phone number but the combination does not match with any one person.
There have been many efforts to fight synthetic identity fraud over the last decade, but I don’t think any initiative is more aggressive than Experian’s new Sure Profile. I spoke with Alex Lintner, Group President for Consumer Information Services at Experian, to find out more about this new program.
Sure Profile is a New Approach to Synthetic Identity Fraud
The first point Alex made is that synthetic fraud has seen a significant increase during the pandemic but Sure Profile actually predates the crisis. It began life about eighteen months ago driven by lender demand for a better solution given the rise in the level of fraud sophistication. Nobody had really solved the issue of synthetic fraud yet and the problem was growing for most online lenders. While Sure Profile entered beta in January they accelerated the public release because of demand from lenders for a better solution now.