Protecting your Business Against Fraud and Synthetic Identities with Tom Algie from IDology

By end of this year, fraud is projected to cost U.S. businesses roughly $2.5 Billion, with some research suggesting that figure could rise as high as $5 Billion by 2025. There’s no doubt that every business is vulnerable to fraud, due largely to the numerous ways in which scammers can attack your organization.

So how do you prevent the unthinkable from occurring? A proper plan in place can assist you, and your company in effectively reducing the likelihood of fraud and minimizing losses. In this information prevention discussion, we’re joined by Tom Algie, IDology’s National Sales Manager for Consumer Finance, and Rich and Tom delving into the necessary fraud topics like:

– What is ID verification authentication and fraud mitigation

– First-party Fraud vs. Synthetic Fraud

– How to identify a Synthetic Identity

– Most common gaps in fraud mitigation process within financial services today

– Correlations between fraud tools and loan increases available, and much more!

About IDology

IDology, a GBG company, delivers some of the industry’s most innovative multi-layered identity verification solutions to help businesses drive revenue, deter fraud and maintain compliance. IDology’s ExpectID® platform leverages thousands of diverse data sources to deliver the most accurate customer locate results, actionable transparency, and on-demand control over the identity-proofing process. With frictionless, secure digital identity verification, IDology empowers businesses to onboard more legitimate customers quickly and confidently. Under their parent company, GBG, IDology and Acuant recently united to form GBG Americas, the largest pure-play identity verification and fraud prevention provider in the Americas.

About Tom Algie

Tom Algie is National Sales Manager for Consumer Finance at IDology. As an 18-year veteran of fintech, his experience includes consulting and management roles in lending software, data processing, and payments processing industries.

Tom actively participates in multiple industry trade associations, including Online Lenders Alliance, INFiN, American Financial Services Association, and National Automotive Finance Association.

Be sure to follow Tom and our host Rich on LinkedIn, and for the latest GDS Link updates and news, follow us on Twitter and LinkedIn. You can subscribe to the Lending Link on Apple PodcastsSpotifyGoogle Play, or wherever you prefer to listen to your podcasts!

From the Episode:
Fifth Annual Consumer Digital Identity Study: https://www.idology.com/5th-Annual-Consumer-Digital-Identity-Study/

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