Study reveals 10,000 identity fraud rings in US

10,000 identity fraud rings in US

According to a new study in the US by ID Analytics’ ID:A Labs, there are over 10,000 identity fraud rings operating in the US, particularly in Georgia and South Carolina, who manipulate data (date of birth, social security number etc.) on applications for bankcards, retail credit cards and wireless services, billions of which were examined by researchers.

An identity fraud ring is a group of people collaborating to commit identity fraud – the group found that these rings were made up of not just career criminals but family members or groups of friends as well. The ID Analytics study examined more than a billion applications for bankcards, wireless services and retail credit cards and discovered that all three industries were being targeted by identity fraud rings, with wireless carriers suffering from the most fraudulent activity. 

Dr. Stephen Coggeshall, chief technology officer at ID Analytics said: “In this latest research, we have taken a broader approach, looking at connections among bad people rather than studying individual activity. This information enables us to build new variables into our fraud models so we can help our customers to make better decisions and improve protection for consumers.”

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