Finally, in some circumstances, you can ask us not to reach decisions affecting you using automated processing or profiling. You have the right to ask us to stop using your information for a period of time if you believe we are not doing so lawfully. If we are processing your personal data for reasons of consent or legitimate interest, you can request that your data be erased. If we are processing your personal data for reasons of consent or to fulfill a contract, you can ask us to give you a copy of the information in a machine-readable format so that you can transfer it to another provider. If we have asked for your consent to process your personal data, you may withdraw that consent at any time. Its unified algorithmic architecture combines: 1) cognitive computing/deep learning, 2) collective intelligence, 3) rules-based decision engines, and 4) streaming analytics to detect fraud in real-time, at scale.īy law, you can ask us what information we hold about you, and you can ask us to correct it if it is inaccurate.

Our award-winning fraud detection platform helps digital businesses to quickly identify 3rd party fraud using artificial intelligence, big data and visualizations, and combat hard-to-detect fraud at digital enterprises.

New Application Fraud, in which a perpetrator applies for a credit card in a victim’s name, then uses the card to purchase goods and services illegally.Īt, our mission is to make every digital transaction safe.

Credit card fraud may occur simultaneously with identity theft, but can also occur when a legitimate consumer makes a purchase with no intention of paying for the goods or services, sometimes referred to as chargeback fraud or friendly fraud.

Credit Card Fraud – refers generally to any fraudulent transaction using a credit card as a source of funds.

Actions that are examples of identity fraud are making a credit card, submitting for a loan, or opening bank accounts.

False Identity Fraud – a situation where a person creates a fake identity to commit criminal activities.

A great deal of fraud stems from this process. With false and fabricated information, a new identity is assigned to no actual real-life person. Consequently, it shows how fraudsters collect information about real people and manipulate their identities. Synthetic Identity Creation (SIC) is a generic term.

Synthetic Identity Creation – represents the process of creating a false identity.

This is done either by direct debit, payments or transfers being set up for fraud without the victim’s knowledge or consent. Financial account takeover usually removing funds from victim’s accounts. This includes bank, brokerage, phone, utility, social media, travel or online shopping accounts. ATO can involve one or many of a victim’s accounts. This enables them to change account settings, such as addresses or passwords, and can even allow unauthorized withdrawals. In doing so, the perpetrator gains access to confidential information such as the consumer’s PIN.

Account takeover fraud (ATO) – a form of identity theft in which a criminal gains control of a consumer’s account.

3rd Party Fraud refers to any fraud committed against a financial institution or merchant by an unrelated or unknown third-party, and has a multitude of classifications.

Businesses may find second party fraud difficult to detect and challenge since the identity of the person that is used to carry out fraud has largely allowed it to take place. Second party fraud, or money mules, is where a person allows another to use their identity or personal information to perform fraud.

1st Party Fraud refers to any fraud committed against a financial institution or merchant by one of its own customers.

It occurs to victims as if out of the blue and often comes with a large economic impact.

A most common instance is third party fraud.

While there are many different kinds of fraud, there are 3 primary classifications, which are listed below. Refers to any fraud committed against a financial institution or merchant by an unrelated or unknown third-party. Built for: Technology and Security Officers.Synthetic Identity Fraud – Theft Detection.

Fraudulent conveyance third party