Strategies to Catch Synthetic ID Fraud
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
Pitch free Event Abstract