LexisNexis says it analyzed half a billion applications from 2019 and 2020 and uncovered networks totaling over 30,000 potential fraud rings.
Are Fraud Rings Lurking in Your Portfolio? ↗
What happened
- LexisNexis reports the average identified ring contains 13 identities and averages 50 applications.
- LexisNexis reports fraud rings typically target bankcard, wireless and retail card industries, with wireless carriers hit hardest.
- LexisNexis cites FTC Consumer Sentinel data showing New Account Credit Card Fraud up 48% and New Account Bank Fraud up 87% year over year.
Why it matters to Signicat
- Original multi-signal analysis with hard numbers may be used by LexisNexis to position its fraud-ring detection against identity verification vendors.
- Fraud ring detection via SSN, address and contact signals sits upstream of document IDV, a Signicat-relevant area for fraud defense.
Evidence from the source (5 quotes)
- “The average ring identified in our study contains 13 identities and averages 50 applications.” source ↗
- “Fraud rings typically target three main industries: bankcard, wireless and retail card industries, with wireless carriers being hit the hardest.” source ↗
- “New Account Credit Card Fraud increased 48% and New Account Bank Fraud increased 87% while existing account fraud decreased by 9% in a year-over-year analysis.” source ↗
- “we analyzed half a billion applications from 2019 and 2020” source ↗
- “The relationship between SSN and address” source ↗
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4 of 4 facts verified against the source · confidence medium · claude-haiku-5-5