They act like respectable customers, but they're not. Operating individually and in organized rings, bust-out fraudsters tap unsecured credit products with no intention of ever paying them off - behaving normally just long enough for their damage to be classified as bad debt. It's a huge problem; up to 15% of all banks' bad debt is actually bust-out fraud.
FICO® Identity Resolution Engine can help. It enables financial institutions to identify fraud rings earlier in the lifecycle, across geographies and lines of business. Read this whitepaper to learn:
- How you can best access identity data on criminals, and get the most out of it;
- How you can significantly reduce direct and indirect losses from bust-out fraud; and
- How FICO Identity Resolution Engine works and how it can give you newfound power to break up bust-out fraud.