SentiLink

We're just two weeks away from the AFSA Vehicle Finance Conference & Expo! If you're headed to New Orleans, be sure to stop by booth 21 to learn how SentiLink can help protect your business from synthetic fraud and first-party fraud—two of the fastest-growing threats to auto lenders. Kyle Rohrs, our Head of Auto Fraud, and the rest of the SentiLink squad will be available for private meetings during the conference as well. Book yours now! https://hubs.li/Q031lCLv0 #AFSAVehicleFinanceConference #FraudPrevention #RiskManagement #SyntheticFraud #FirstPartyFraud #AutoFraud #AutoLending #FraudFighters

With the new year almost here, a lot of people are thinking about turning over a new leaf when it comes to their financial health. While that's an admirable resolution, our Head of Fraud Insights David Maimon warns that fraudsters may be looking to exploit it. In this new blog (the first in a series), David explores the CPN economy, and shares real examples of fraudsters selling guides to people who think they're taking advantage of a legitimate loophole - but are actually committing fraud. You can read the blog now to learn more about these too-good-to-be-true offers: https://hubs.li/Q030h6Mc0

We might not have a "Fraud Wrapped" to share, but as we reflect on the past year, some key themes come to mind: 1. Business takeovers: A business takeover occurs when a bad actor reinstates a dissolved business that they do not own or control, replacing the registered officer information to leverage the business's established credit history to make it easier to get business loans. According to the Fed's small business lending survey from earlier this year, which contains data from Jan. 2022 through Q1 of 2024, the average business loan issued since the start of 2022 in the United States was over $130,000. That means even a relatively small amount of business takeover fraud cases can have a large impact. Business takeovers pose a serious and growing risk to SMB lenders. This is something we've been studying and tracking throughout the year. You can read more about it in the comments, or reach out to your SentiLink point of contact to learn about how SentiLink can help you identify fraudulent business takeovers. 2. Fraud marketplace: In 2024 our team dove into online fraud marketplaces to learn more about how they operate - and their findings are shocking. Many marketplaces operate at a layer of the internet that requires only a little extra know-how to access, with countless tutorials available in readily accessible online forums. Others run their platform through social media storefronts. There is a wealth of information available to fraudsters on the dark web and on platforms like Telegram, including driver’s licenses, Social Security numbers, and stolen checks. Check out SentiLink's Head of Fraud Insights David Maimon's LinkedIn posts to see real examples of this information, and tutorials on how to use it, being sold. 3. Credit Privacy Numbers (CPNs): A CPN looks just like a Social Security Number, but is not issued or recognized by the government. They are typically made-up numbers sold to consumers as a method of credit repair. Using a CPN in place of an SSN is illegal, but consumers using them may not realize they're doing anything wrong. To add to the confusion for the consumer, CPNs can appear to “work” because applying for credit with a CPN can obscure a consumer’s true identity and the credit history that is associated with their real SSN. But make no mistake: using a CPN to apply for credit is fraud. CPNs pose a real threat to businesses because applications for credit containing a CPN may not be flagged by traditional identity theft detection solutions as they differ from the classic pattern of identity theft. An application from a person using a CPN may contain that person’s real name and date of birth, but with the CPN in place of their SSN, making it a form of first-person synthetic fraud. If a business doesn't have a strategy to catch synthetic fraud these applications can slip through the cracks, leading to losses that may be attributed to "bad debt" when they're actually fraud losses.

We're excited to announce that Michelle Wheeler, a.k.a. Wheels, starts today as SentiLink's Industry Principal! She brings with her a wealth of identity knowledge and will be working with our Communications, Energy, and Utilities segments. So happy to have her join the team!

Happy Thanksgiving from SentiLink! 🍂🦃 As we gather around the table this Thanksgiving, we’re grateful for the opportunity to protect and build trust. We’re especially thankful for our amazing team, our dedicated alliances, and our partners across all industries who share our vision for a more secure and trustworthy world. We wish you and your loved ones a joyful and safe Thanksgiving, where the only fraud you have to deal with is your cousin's "homemade" pie! 🥧 And if your loved ones are looking to you for answers on what they can do to avoid being a victim of fraud, Naftali Harris' advice here is helpful: https://hubs.li/Q02ZzWPF0 #Thanksgiving #Gratitude #FraudPrevention #FraudFighters #TeamSentiLink

Meet Siqi Wang, a valued member of our Data Science team! Her expertise in advanced statistical theory and programming guide our synthetic fraud and identity theft fraud models. Read our latest Employee Spotlight to learn more about Siqi!

Ever wonder what fraud is likely to happen after personal data is exposed? Hailey Windham, CFCS, David Maimon, and Tim Forrest addressed that question (and a lot more) during a webinar earlier this week. The fascinating deep dive into the dark web fraud ecosystem and the resulting fraud cases caught in SentiLink's database is available now on demand: https://hubs.li/Q02Zcm0m0 And if you'd love to hear more fraud insights from Hailey and David, be sure to check out the latest episode of Banking on Fraudology: https://hubs.li/Q02ZcnxH0 #FraudInsights #FraudPrevention #DataBreach #FraudEcosystem #FinancialInstitutions #Banking #CreditUnions

We're really excited about our partnership with Consumer Portfolio Services! Their whole press release is great and worth a read, but here's our favorite part: "The partnership [with SentiLink] enables CPS to improve its fraud prevention efforts while also saving [CPS] approximately $1 million per quarter so far." Read the rest here: https://hubs.li/Q02Z6BT70

Our own Head of Fraud Insights, David Maimon, was just quoted in The Wall Street Journal about the dangerous things fraudsters can do with stolen paper checks. https://hubs.li/Q02YXfzn0 In case you missed it, David has also been analyzing the tens of thousands of stolen checks that get shared in fraudsters' Telegram channels, check out this post for more info on that: https://hubs.li/Q02YX9zC0

It's International Fraud Awareness Week, and we're kicking things off today with a fascinating webinar. Our expert panel will take you deep into the dark web and the apps fraudsters use to share, sell, and brag about stolen data. You'll also hear the personal story of a fraud fighter who was targeted by fraudsters! Join Consumer Bankers Association, Banking on Fraudology, and SentiLink for our "How Data Exposed in 2024 Could Lead to 2025 Fraud" webinar today, November 19th at 1:00 PM ET! Gain a better understanding of modern fraud tactics and go into 2025 more confident that you can protect your institution and your customers from these bad actors. Expert Presenters: --David Maimon – Head of Fraud Insights, SentiLink --Tim Forrest – Fraud Intelligence Analyst, SentiLink --Hailey Windham, CFCS – Host, Banking on Fraudology Podcast Use code "SENTILINK1119" to register for free: https://hubs.li/Q02YJr6C0 #FraudPrevention #StolenData #DataBreach #FraudDetection #CommunityBanking #CreditUnions #Webinar #FinancialInstitutions #InternationalFraudAwarenessWeek #FraudAwareness