SAN DIEGO, Sept. 12, 2012 /PRNewswire/ -- ID Analytics, a leader in fraud detection and protection for mobile phone carriers, today introduced ID Score® First Party Fraud, a new credit muling detection product developed on behalf of several of the nation's leading wireless carriers. Often referred to as "credit muling" or "equipment gaming," first party fraud is a type of fraud that occurs when consumers use their true identities and personal information to apply for multiple, high-value products with no intention of honoring their contractual agreements.
"First party fraud is a new and rapidly expanding phenomenon that results in the loss of tens of millions of dollars per month for wireless carriers and other retailers," said Steve Seoane, senior vice president, Enterprise Solutions, ID Analytics. "As the demand for smartphones continues to rise, we believe credit mules will continue to open multiple contracts for devices that ultimately end up in international markets without payment. This solution leverages our proprietary ID Network® to help several industries identify and mitigate first party fraud, which ultimately helps save time and money."
ID Score First Party Fraud can intelligently identify and analyze credit mules from multiple wireless carrier networks and other industries by using the insight into consumer behavioral data found in ID Analytics' ID Network. ID Analytics has the capability of predicting first party fraud because of its ability to track abnormal behavior across industries, such as in the payday, retail credit card, auto loan and micro-merchant markets. The First Party Fraud score is able to provide an efficient, effective measure of potentially fraudulent behavior. A recent analysis by one carrier showed that 50 percent of first party frauds were captured within the top three percent of risky accounts.
ID Analytics will discuss best practices for avoiding first party fraud at its Advance 2012 event, the company's 10th consumer risk conference, to be held on October 2-4 in San Diego. To register or for further information, please visit the Advance 2012 website at: www.idanalytics.com/Advance2012.
ID Score First Party Fraud is available today. Companies with an interest in predicting first party fraud behavior while minimizing "good" customer friction should visit the solutions page on our website.
About ID Analytics, Inc.
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation's largest networks of cross-industry behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a wholly-owned subsidiary of LifeLock, Inc. Please visit us at www.idanalytics.com.
ID Analytics, ID Network and ID Score are registered trademarks of ID Analytics, Inc. All other trademarks and registered trademarks are the property of their respective holders.
SOURCE ID Analytics, Inc.