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Article: The Lowdown on Fraud Rings: Fraud rings are growing, and the more sophisticated ones can morph quickly to thwart newly devised defenses. What do we know about them?(prevention of identity fraud against credit card industries)
- Article from:
- Collections & Credit Risk
- Article date:
- August 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By many measures, identity fraud growth has stabilized, largely because credit grantors have invested significant resources to strengthen their fraud detection and verification technologies at the point of application.
However, dollar losses attributable to organized fraud rings continue to grow as these "fraudsters" increase in sophistication. By using abundant information and technology resources, fraud rings continue to develop new tactics to avoid fraud defenses.
Published anecdotes and hindsight analyses from fraud fighters in government and industry - in addition to countless victim testimonials - offer insights into the toll identity crimes have ...