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ID Thieves Use Same Info on Multiple Fraudulent Applications: FraudIQ Aims to Stop It

February 26th, 2016 · No Comments · Identity Theft

by Kristy Welsh

(Last Updated On: February 1, 2018)

ID Thieves Use Same Info on Multiple Fraudulent Applications: FraudIQ Aims to Stop ItIf someone commits identity fraud against you, you’d like to think that, once it’s flagged, they wouldn’t be able to do it again. But if organizations aren’t sharing data, identity thieves can just keep using the same information over and over again — even across different departments within the same organization — making it difficult to make any lasting progress on credit repair. Thus, the benefit of Equifax’s new FraudIQ Manager.

About FraudIQ Manager

“Criminals often use the same fake or stolen identities to perpetrate fraud across different organizations and even multiple departments in the same organization,” says Equifax’s Gasan Awad, Vice President of Global Identity and Fraud Product Management.

“When an organization does not have proper workflows to share relevant data, they remain vulnerable to the ongoing attack. Equifax FraudIQ Manager delivers visibility to protect businesses against these increasingly common fraudulent attempts.”

Here’s the gist of it.

When an organization receives an application, they can use FraudIQ Manager to match the submitted data with other data sources. This means checking it against information shared by other departments, as well as other organizations that use FraudIQ.

If the system determines that the application may be fraudulent, it’s flagged for review.

What You Can Do

Even the most advanced fraud detection systems can’t catch everything. Consumers are well aware of this. In fact, 36 percent of consumers say they hold the primary responsibility for identity theft protection. So if you’re not already, make sure you’re doing all you can to protect yourself.

Let’s talk application fraud first.

By the time an identity thief submits a fraudulent application, they already have your personal information. It’s out there; there’s no way of getting that back.

What you can do, though, is check your credit reports regularly to be sure no one is opening up lines of credit in your name. At the very least, take a look at your reports once a year through, where you can see all three of your credit reports for free.

For more frequent reviewing, you can purchase your credit reports any time you like.

Or, consider using one of the free credit monitoring services that will help you keep an eye on things every month. Credit Karma, Credit Sesame, and Quizzle are the most notable among them. Just keep in mind you will have to provide them with the information necessary to access your credit reports for monitoring.

If and when you suspect fraud, report it immediately to the creditor and the credit bureaus.

Beyond that, there are plenty of other things you can do to protect yourself before thieves get their hands on your personal info.

Take a look at more ways of protecting your identity than you’ve probably ever imagined.

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