The public sector has become a prime target for identity fraud, with government documents and benefits fraud becoming as common as loan and credit card fraud. To turn the tide on losses from identity fraud, it is important to identify, define and label the different types of identity fraud so agencies can better understand and create solutions for them.
As fraudsters’ methods and technologies continue to evolve, so must the technology agencies use to combat them. Adequate data sharing and modern tools let agencies break down data silos and engage in analytics that help label and address incidents of identity fraud faster and more efficiently. This will equate into fewer financial losses, which cause reputational harm to the government and create negative financial impacts for different agencies
Check out our on-demand webinar with industry experts where we’ll discuss:
- Why defining and labeling identity fraud is essential to fraud prevention
- Why legacy approaches may be ineffective in protecting against certain types of identity frauds such as synthetic identity fraud
- Best practices in identity fraud labeling and the value added of taking a data driven approach