Facebook Posts Help Credit Bureaus Sniff Out Fraudsters

Bloomberg reports that credit bureaus and payment companies are turning to social media to help them verify a person’s identity and even assess consumer creditworthiness. One such example is EBay Inc.’s PayPal, who have officially begun trials to see whether social posts can help prove identities, and to detect whether customers are lying about their finances.They are investing a lot in learning how to use unstructured data that is sitting out there in social media that can help them understand a little more about identity – in order to prevent attempts by fraudsters. Sounds like a plan, ey?

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