Synthetic identity fraud is the fastest-growing financial crime in the U.S., increasing drastically over the past several years despite heightened scrutiny.
Fraudsters manage to create fictitious identities to apply for loans, credit cards, make fake Medicare claims and file tax returns for government benefits. They do this by leveraging shards of personal information from a variety of individuals—including minors, elders, and the deceased—and packaging them into one new synthetic identity that belongs to no one real person. To make matters worse, most fraud detection tools are trained to seek signs of stolen real identities, but they fall short of detecting those that are entirely conjured. So, it’s not surprising that many fraud teams face a continuously mounting synthetic identity challenge!
This whitepaper outlines the impact of synthetic identity fraud on your business and provides steps to safeguard against it—like deploying machine learning-based identity verification systems.