Synthetic Identity Fraud (SIF) is one of the fastest growing and most sophisticated forms of fraud in the United States today. It involves the combination of real and fake data to create a brand-new identity that belongs to no one, apart from the criminal that created it. It’s hard to detect and even harder to stop.
When businesses in the United States adopted EMV chips in credit and debit cards, more criminals were forced to channel their fraud efforts online. That migration, coupled with large scale data breaches, loosening credit standards, and the exploitation of legacy credit creation practices, laid the groundwork for certain forms of fraud to flourish – and thus the recent rise of synthetic identity fraud.
The longer an artificial identity remains “in play,” the larger the credit facilities secured by the identity become, and the greater the potential for criminals to profit and companies to foot the bill. Detecting and preventing synthetic identity fraud schemes requires companies to employ a comprehensive multi-layered approach to identity verification. Join Julie Conroy, Research Director at Aite Group, and Chris Luttrell, SVP of Operations at IDology, as they discuss synthetic identity fraud in this informative webinar:
Download our whitepaper,
Combating Synthetic Identity Fraud: Determining Fact from Fiction.
Download the PowerPoint slide deck from the webinar.