Synthetic identity fraud — where criminals use a combination of real and fake information to create a fictitious identity and then open counterfeit accounts to make fraudulent purchases — costs banks $6 billion dollars annually and is one of the fastest growing types of financial crime in the U.S., according to the FBI.
Traditional fraud tools that were designed to capture stolen identities do not serve well in solving synthetic identity problems. Unlike stolen identity information, where fraudsters act quickly to impersonate the owner and capitalize on the opportunity, synthetic identity fraudsters take the time and energy to curate a profile before acting on it - making them appear like real customers. This change makes their behavior a lot harder to detect and combat.
So, how can you identify synthetic ID fraud? Where are the gaps? How can you get in front of the problem before it occurs?
Discussion points will include: Best practices to detect synthetic ID fraud Building a frictionless fraud strategy Techniques to upgrade your identity verification toolbox
Join ISMG's Anna Delaney for a moderated discussion that will feature insight from Barret Kaubisch - Financial Services, Manager, Ekata. This 90-minute session will be: Chatham house rules Peer driven Pitch free Event Abstract
Manager, Financial Services
Ekata, a Mastercard Company
Watch a brief video on the topic.
June 30, 2022 | 04:00 - 05:30 pm EDT | Virtual
Strategies to Catch Synthetic ID Fraud
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