Alchemy Technologies (“Alchemy”), the award winning Fintech Infrastructure Development Company, is excited to announce a partnership with SentiLink, the industry leading SaaS solution to stop synthetic fraud. This partnership enables Alchemy clients to efficiently detect fake identities, reduce fraud fraud losses and boost approval rates.
Many banks and lenders pride themselves on having low fraud losses. Often losses are characterized in terms of dollars as well as a percent of originations. The best lenders keep fraud losses to less than ten basis points as a percent of originations. …
SentiLink CEO, Naftali Harris, recently shared on a roundtable how SentiLink created a scalable fraud solution that tracks evolving threat vectors. The combination of a manual review of identities with automation is the key.
He also detailed a new kind of fraud detected by SentiLink, as well as, predictions on how identity verification will impact consumer choice for financial products in the future.
This insightful roundtable hosted by Ocrolus called, “New Models for Fraud Prevention” can be viewed here.
While industry and government groups continue to work to define synthetic fraud, one thing is clear — there are two types of synthetic fraud. SentiLink refers to these two types as First Party Synthetic or Third Party Synthetic. The Federal Reserve refers to them as Manipulated or Fabricated identities. …
It’s undeniable that Michael Jordan accomplished many one-of-a-kind feats as an all-star basketball player with the Chicago Bulls. But, what’s life like for a guy named Michael Jordan who is a 40 year old SVP for iHeartMedia based in Lexington, KY? …
Naftali Harris joined Andreessen Horowitz general partner, Alex Rampell, and Bharat Ramamurti, a member of the COVID-19 Congressional Oversight Commission, to discuss fraud associated with the Paycheck Protection Program (PPP) on today’s episode of the a16z podcast.
It’s estimated that the government lost at least $100M due to fraud associated with the PPP program. The SBA’s fraud hotline has received over 42,000 reports to date about COVID cheating and mis-use. By contrast, in all of 2019 they received less than 800.
Naftali, Alex and Bharat discuss the conditions that lead to fraud in the PPP program, the types of fraud schemes used, and ideas on other ways the government could tackle identity verification and funds transfer in similar programs in the future.
SentiLink CEO, Naftali Harris, was interviewed by Mike Lawson of CU Broadcast. They covered a wide variety of topics including how synthetic identities are created, and what are authorized user marketplaces and the way they are used to increase the FICO score on synthetic identities.