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| Credit
Fraud |
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| Credit
and identity fraud has become one of the fastest-growing
U.S. crimes, and one of the more difficult to combat.
Application fraud alone reportedly costs businesses
over $35 billion a year, with many cases gone unreported.
The following information will help you learn how
credit fraud and identity theft occur and how you
can protect yourself.
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Common Forms of Fraud |
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Fictitious
Identity: Creating a bogus identity to
establish credit lines |
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True
Person
- Using someone else's name, SSN, and other
characteristics |
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Identity
Change
- Changes name in order to avoid debts |
| • |
Business
Account - Poses as small business owner
to obtain credit |
| • |
Altered
Identity - Poses as creditor and requests
credit reporting agencies alter credit information |
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Sources of Fraud |
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Stealing
from mail or trash |
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Using
lost or stolen ID, credit, or bank cards |
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Completing
change-of-address forms to reroute your mail |
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The Solution - Fast Alert |
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| The
following two separate cases of fraud are actual
examples of how Fast Alert helped a First American
CREDCO customer detect fraud. To protect the privacy
of our customer, we will refer to the company as
Lender X, a Fast Alert user since January 2004. |
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CASE
#1 - FRAUDULENT SSN
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| Fast
Alert helped Lender X identify two applicants,
a husband and wife, who had been using fraudulent
Social Security numbers to obtain
credit. The wife had been using a SSN reported
as deceased and the husband was using a SSN
that didn’t belong to him. The applicants
had been using these SSNs for over 16 years.
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CASE
#2 - MULTIPLE SSN'S ON FILE
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Fast
Alert delivered an OnFile SSN Alert, “Multiple
SSN’s on file for this consumer.”
The consumer’s employer also verified
that the person started with one
SSN and then obtained another.
After being confronted with this information,
the consumer admitted to purchasing a SSN.
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