HomeWebcastThe Anti-Fraud Measure: Approaches on Diminishing Synthetic Identity Fraud Cases
Online CLE Anti-Fraud Measure CLE

The Anti-Fraud Measure: Approaches on Diminishing Synthetic Identity Fraud Cases

Live Webcast Date: Thursday, March 14, 2019 from 12:00 pm to 1:30 pm (ET)
Cybersecurity & Privacy CLE & CPERecording

Online CLE Anti-Fraud Measure

Join us for this Knowledge Group Online CLE Anti-Fraud Measure Webinar. The prevalence of fraud in the marketplace has remained to be one of the most challenging threats that most businesses face nowadays. Thus, urging companies to stay ahead of the latest fraud-detection measures and technologies to prevent the proliferation of such activities. Among the most pervasive types of identity fraud is Synthetic Identity Fraud which may have accounted for 5% of uncollected debt and up to 20% of credit losses in the past years.

Concurrent with the evolving sophisticated fraud tactics, it becomes more important for businesses and organizations to keep themselves abreast of the various strategies and Anti-Fraud measures that will help diminish and significantly slow down the proliferation of Synthetic Identity Fraud cases. Companies must stay updated of the latest threats and developments in this rapidly evolving landscape while minimizing consequences for consumers.

Join a panel of key thought leaders assembled by The Knowledge Group as they bring the audience to a road beyond the basics of Synthetic Identity Fraud and as they delve into the depth-analysis of mitigating the risks of fraudulent activities through various anti-fraud measures. Speakers will also provide the audience with best practices, approaches and preventive measures on diminishing such cases.

In a webcast, the speakers will discuss:

  • 2019 Synthetic Identity Fraud Landscape – an Overview
  • Different Types of Fraud
  • Detection and Remediation
  • Common Red Flags
  • Risks Mitigation Strategies
  • Addressing Implications
  • What Lies Ahead

Agenda

Carmel Maher, Product Marketing Manager
ID Analytics, a Symantec Company
  • Synthetics 101: What are synthetic identities and how are they defined in the industry today
    • Overview of the synthetic landscape, definitions, and regulations that have allowed synthetics to grow
    • Update on the regulations and SSA social security number randomization
  • How synthetics are beating enterprises current defenses: Section will look at understanding the challenges of synthetic identity fraud today along with research ID Analytics has produced showing how FI identified synthetics are able to get through enterprises traditional defenses such as fraud and credit screenings
    • Based on ID Analytics research we saw that 85-95% of identified synthetics were able to get through an enterprise’s fraud third party fraud models since they show different patterns of risk
    • We also saw that the majority of applicants were seen as good, very good, or excellent based on a traditional credit score and only saw variations when it came to unique tradelines, amount owed, life stability, and the overall impact. One year after applying we saw the identified synthetic population to be 4xs higher than the credit bad population
  • How variation around synthetic behaviors: Another reason synthetics continue to be so hard to capture is
    • We also looked at the behavior most associated with synthetic identities (SSN randomization, Credit Piggy backing, and applying through faceless channels such as mobile or online) and found that while these behaviors remain highly associated with synthetics they also are difficult to differentiate from good consumers today and are typically seen less than half the time with the identified group of synthetics
    • This makes it even more difficult for enterprises to stop synthetics especially with any kind of symptom based on rules-based solution. ID Analytics recommends enterprises use a solution that takes a holistic approach to solving many different types of fraud
  • Where synthetics are today
    • Update on how many enterprises are viewing the synthetic problem today

Sandeep Dhadda, Director, Head of Advanced Analytics at Cyber Fraud Prevention, GCB
Citigroup
  • Synthetic IDs & First Party Frauds: Classification in context of overall fraud & credit losses in a lending environment. Fraud & Credit tools are rendered ineffective in capturing the risk
  • The Whack-a-mole of Fraud MOs: Fraudsters will always gravitate towards path of least resistance. Conditions & ease of perpetration determine the MOs in the short run
  • Synthetic ID Lifecycle: Initialization, Placement, Seeding, Boosting, Application, Creation, Nurture, Procreation, Monetization, Collusion, Recycle
  • Mitigation of Risk from Synthetic IDs: There are no silver bullets. Managing Synthetic ID risk is a multi- tiered, multi-step exercise of defining, monitoring, analytics & mitigation throughout customer life cycle

Deshietha Partee-Grier, AVP, Financial Crime Investigations Unit
DB USA Core Corporation
  • Detection and Common Red Flags
    • First Line of Defense
      • ID validation
      • Address validation
      • KYC
    • 2nd Line of Defense
      • Transaction monitoring

Who Should Attend

  • Chief Information Officers
  • Chief Information Security Officers
  • Chief Privacy Officers
  • Fraud Monitoring Officers
  • IT Risk Analysts
  • IT Audit Officers
  • Data Privacy Officers
  • Risk and Compliance Professionals
  • Privacy and Data Security Lawyers
  • Banks and Financial Institutions
  • Other IT Security Related Professionals and Interested Individuals

Preview Podcast

Please click the podcast below to hear the speakers discuss the key topics for this webcast.

Online CLE Anti-Fraud Measure

Carmel Maher, Product Marketing Manager
ID Analytics, a Symantec Company
  • Synthetics 101: What are synthetic identities and how are they defined in the industry today
    • Overview of the synthetic landscape, definitions, and regulations that have allowed synthetics to grow
    • Update on the regulations and SSA social security number randomization
  • How synthetics are beating enterprises current defenses: Section will look at understanding the challenges of synthetic identity fraud today along with research ID Analytics has produced showing how FI identified synthetics are able to get through enterprises traditional defenses such as fraud and credit screenings
    • Based on ID Analytics research we saw that 85-95% of identified synthetics were able to get through an enterprise’s fraud third party fraud models since they show different patterns of risk
    • We also saw that the majority of applicants were seen as good, very good, or excellent based on a traditional credit score and only saw variations when it came to unique tradelines, amount owed, life stability, and the overall impact. One year after applying we saw the identified synthetic population to be 4xs higher than the credit bad population
  • How variation around synthetic behaviors: Another reason synthetics continue to be so hard to capture is
    • We also looked at the behavior most associated with synthetic identities (SSN randomization, Credit Piggy backing, and applying through faceless channels such as mobile or online) and found that while these behaviors remain highly associated with synthetics they also are difficult to differentiate from good consumers today and are typically seen less than half the time with the identified group of synthetics
    • This makes it even more difficult for enterprises to stop synthetics especially with any kind of symptom based on rules-based solution. ID Analytics recommends enterprises use a solution that takes a holistic approach to solving many different types of fraud
  • Where synthetics are today
    • Update on how many enterprises are viewing the synthetic problem today

Sandeep Dhadda, Director, Head of Advanced Analytics at Cyber Fraud Prevention, GCB
Citigroup
  • Synthetic IDs & First Party Frauds: Classification in context of overall fraud & credit losses in a lending environment. Fraud & Credit tools are rendered ineffective in capturing the risk
  • The Whack-a-mole of Fraud MOs: Fraudsters will always gravitate towards path of least resistance. Conditions & ease of perpetration determine the MOs in the short run
  • Synthetic ID Lifecycle: Initialization, Placement, Seeding, Boosting, Application, Creation, Nurture, Procreation, Monetization, Collusion, Recycle
  • Mitigation of Risk from Synthetic IDs: There are no silver bullets. Managing Synthetic ID risk is a multi- tiered, multi-step exercise of defining, monitoring, analytics & mitigation throughout customer life cycle

Deshietha Partee-Grier, AVP, Financial Crime Investigations Unit
DB USA Core Corporation
  • Detection and Common Red Flags
    • First Line of Defense
      • ID validation
      • Address validation
      • KYC
    • 2nd Line of Defense
      • Transaction monitoring

Online CLE Anti-Fraud Measure

Online CLE Anti-Fraud Measure

Carmel MaherProduct Marketing ManagerID Analytics, a Symantec Company

Carmel is a Product Marketing Manager at ID Analytics. Carmel’s responsibilities include managing ID Analytics’ renowned thought leadership program, including both primary and secondary research into emerging fraud, credit and identity risk trends. Prior to her role on the product marketing team, Carmel was a Business Analyst where she performed retrospective solution and strategy analyses for numerous Fortune 500 organizations.

Carmel came to ID Analytics from Kalman and Company where she performed cost analysis as a government contractor. Carmel holds a B.S. in Economics from the University of Virginia.

Online CLE Anti-Fraud Measure

Sandeep DhaddaDirector, Head of Advanced Analytics at Cyber Fraud Prevention, GCBCitigroup

Sandeep Dhadda has held a range of risk management roles over the 15 years at Citigroup.  As Head of Advanced Analytics for Cyber Fraud Prevention, Sandeep is responsible for the identification and mitigation of third party risk and synthetic ID fraud as well as protecting Citi’s Global Consumer Bank from large scale financial crimes.  Sandeep and his team focus on mining patterns of different existing and emerging MOs for first and third party fraud and in developing mitigation solutions across the customer lifecycle - starting from the application underwriting process through collections capabilities.

Citi’s proprietary mitigation suite of capabilities (Entity Linkage Framework), which was conceived and developed by Sandeep and his team, is a Big Data implementation of network analytics and machine learning models. It has been recognized by several internal and industry forums and won multiple global innovation awards.

Sandeep routinely speaks to key internal Citi stakeholders, regulators and at industry roundtables / forums on the topic of synthetic ID fraud.

Prior to Citi, Sandeep led analytics and modeling services for a boutique consulting firm for over a decade. Sandeep has an undergraduate degree in Chemical Engineering and a Masters in Business Management.

Online CLE Anti-Fraud Measure

Deshietha Partee-GrierAVP, Financial Crime Investigations UnitDB USA Core Corporation

Deshietha Partee-Grier is an Assistant Vice President at Deutsche Bank in the Financial Crime Investigations Unit combating international money laundering via correspondent banking.  She has managed teams in the Fraud & AML sector for Deutsche Bank, VyStar Credit Union, and U.S. Bank involving strategic planning, compliance application & adherence, analytics, claims, transaction monitoring, and investigations. She started her career in the financial services industry in 2009 at JPMorgan Chase. She is currently the President of the Association of Certified Fraud Examiners - Jacksonville Chapter and will be featured in the upcoming March/April issue of the Fraud Magazine.

Dee attended Spelman College & The Ohio State University, and has a B.A. in Economics.  She is a Certified Fraud Examiner (CFE) and Certified Anti-Money Laundering Specialist (CAMS).  She is currently a board member of the Association of Certified Fraud Examiners - Jacksonville Chapter, a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS), the local Fraud Prevention Association (FPA), and numerous other professional organizations.


Click Here to Read Additional Material

Online CLE Anti-Fraud Measure

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   General knowledge of identity theft

Course Code:
   147946

NY Category of CLE Credit:
   Law Practice Management

NASBA Field of Study:
   Information Technology - Technical

Total Credits:
    1.5 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

ID Analytics is a leader in consumer risk management with patented analytics, proven expertise and near real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity and credit risk. Every day, many of the largest U.S. companies rely on ID Analytics to make risk-based decisions that help enhance revenue, reduce fraud, drive cost savings and protect consumers. ID Analytics is a Symantec company. Please visit us at www.idanalytics.com.

Website: https://www.idanalytics.com/

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients.

Website: https://www.citigroup.com/

Deutsche Bank AG is a German investment bank and financial services company headquartered in Frankfurt, Germany. The bank is present in 58 countries with a large presence in Europe, the Americas and Asia.

The bank has three focal lines of business – the Private & Commercial Bank, the Corporate & Investment Bank (CIB) and Asset Management (DWS).

Carmel is a Product Marketing Manager at ID Analytics. Carmel’s responsibilities include managing ID Analytics’ renowned thought leadership program, including both primary and secondary research into emerging fraud, credit and identity risk trends. Prior to her role on the product marketing team, Carmel was a Business Analyst where she performed retrospective solution and strategy analyses for numerous Fortune 500 organizations.

Carmel came to ID Analytics from Kalman and Company where she performed cost analysis as a government contractor. Carmel holds a B.S. in Economics from the University of Virginia.

Sandeep Dhadda has held a range of risk management roles over the 15 years at Citigroup.  As Head of Advanced Analytics for Cyber Fraud Prevention, Sandeep is responsible for the identification and mitigation of third party risk and synthetic ID fraud as well as protecting Citi’s Global Consumer Bank from large scale financial crimes.  Sandeep and his team focus on mining patterns of different existing and emerging MOs for first and third party fraud and in developing mitigation solutions across the customer lifecycle - starting from the application underwriting process through collections capabilities.

Citi’s proprietary mitigation suite of capabilities (Entity Linkage Framework), which was conceived and developed by Sandeep and his team, is a Big Data implementation of network analytics and machine learning models. It has been recognized by several internal and industry forums and won multiple global innovation awards.

Sandeep routinely speaks to key internal Citi stakeholders, regulators and at industry roundtables / forums on the topic of synthetic ID fraud.

Prior to Citi, Sandeep led analytics and modeling services for a boutique consulting firm for over a decade. Sandeep has an undergraduate degree in Chemical Engineering and a Masters in Business Management.

Deshietha Partee-Grier is an Assistant Vice President at Deutsche Bank in the Financial Crime Investigations Unit combating international money laundering via correspondent banking.  She has managed teams in the Fraud & AML sector for Deutsche Bank, VyStar Credit Union, and U.S. Bank involving strategic planning, compliance application & adherence, analytics, claims, transaction monitoring, and investigations. She started her career in the financial services industry in 2009 at JPMorgan Chase. She is currently the President of the Association of Certified Fraud Examiners - Jacksonville Chapter and will be featured in the upcoming March/April issue of the Fraud Magazine.

Dee attended Spelman College & The Ohio State University, and has a B.A. in Economics.  She is a Certified Fraud Examiner (CFE) and Certified Anti-Money Laundering Specialist (CAMS).  She is currently a board member of the Association of Certified Fraud Examiners - Jacksonville Chapter, a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS), the local Fraud Prevention Association (FPA), and numerous other professional organizations.

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