naftaliharris

Joined 14 years ago

Karma
1,184
Submissions
125
Member since
Jul 23
www.naftaliharris.com https://twitter.com/naftaliharris
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Recent submissions

Comment · 6 years ago
Comment · 7 years ago
Comment · 7 years ago
Comment · 8 years ago
Two super interesting things about this kind of fraud which make it especially tricky to catch and deal with:

1. Unlike with ID theft, there's no consumer victim. With ID theft, eventually the victim will find out about it, (by getting a call from a collections agent or seeing the trade on their credit report). They'll then contact the lender or the bureau, and contest the validity of the loan. The end result is that the lender gets a stream of loans that are labeled as identity theft losses. Since there's no consumer victim with synthetic fraud, though, lenders don't get this stream of labeled data and have a hard time knowing which of their losses are synthetic fraud (and which are just ordinary credit losses).

2. Synthetic fraud cuts right through typical ID theft prevention systems. ID theft prevention is about checking whether the applicant is the same as the identity they're using to apply for credit. So you check if the email the applicant uses matches the identity, (e.g. don't want [email protected] used as the email for Jane Smith), you check the phone number, you check if the applicant can complete KBA (knowledge based authentication, e.g. questions about previous addresses), you check the billing address, and so forth. But synthetic identities have their own aged phone numbers, emails, addresses, and credit histories, and so all of these verifications go through without any flags raised. Essentially the ID theft prevention system was checking whether the applicant is the same as the identity that they're using, but with synthetic fraud the applicant created the identity.

Source: my startup focuses heavily on preventing synthetic fraud for lenders, (PM me for details).

Comment · 8 years ago
Comment · 9 years ago
It's pretty surprising students think they can get away with this. If there's any class you'd get caught in, it'd be a CS class. In the CS classes I took in undergrad and grad school, the professors would tell everyone they would be using automated plagiarism detectors, and even explain a bit about how they worked and explicitly say they were smart enough to detect the "rename-the-variables" trick.

That said, I've got to imagine that claims that "as many as 20 percent of the students in one 2015 computer science course were flagged for possible cheating" are a misrepresentation or a misunderstanding, on the part of the journalist. I mean, sure, if you set the threshold for the plagiarism detector at a low level, you can flag 20%, 50%, or however many students you want for "possible cheating", but it's not necessarily a real thing.

Comment · 9 years ago
Do customers not want to try out the bike before buying? Especially for $5k+...?
Comment · 9 years ago

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