Don't settle for half the story
Demyst gives you access to all of the data you need. Evaluate thousands of data attributes from hundreds of possible data connectors all pulled into your own custom-built APIs for instant data deployment.
The pandemic is receding, life is returning to normal (I recently sat inside a coffee shop in NYC!), and if you're a fraudster focused on application fraud (the topic of this week's Feed) it might be time to quit while you're ahead.
Loosely defined, application fraudsters aim to open or use an account for the purpose of dishonestly gaining a benefit. There are three types of application fraud - first-party fraud, mule fraud, and synthetic fraud. This week's webinar covers them in detail.
Fraud experts have called the pandemic the "perfect storm" in the battle against fraud and financial crime. Why? The sudden dislocation of workers required governments to pump billions of dollars of stimulus into the global economy and swiftly deliver these funds via online-only services (managed by private institutions) in many cases. As the US begins to ramp up its audit of fraudulent PPP loans, some incredible cases have been revealed: fake orange groves in Minnesota ($2 million dollars!), unregistered farms in the Carolinas, and a man who skimmed over $1 million through his bank in Wisconsin (his response, by the way, was "I guess I was just greedy"), among others. Application fraud has also been a heightened concern for other online services (e-commerce, online betting, and credit cards, among others).
Governments will bring many more cases in the coming months and years, but our view is that application fraud, even in times of great stress, can be effectively managed by combining some simple verification steps into the application process. For example, Demyst actively partners with organizations to combine data from account service providers, business bureaus, and standard identity data products, to power application forms. The key is to strike a balance between verifying business ownership and financials, while also ensuring the application process is low friction, paperless, and quick. We continue to evangelize this approach and we're encouraged that institutions (public and private), are now investing in the data and infrastructure to more effectively combat application fraud.
Don't settle for half the story
Demyst gives you access to all of the data you need. Evaluate thousands of data attributes from hundreds of possible data connectors all pulled into your own custom-built APIs for instant data deployment.
External data can be easy to discover and deploy
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