Customer Identity & Access Management (CIAM) , Fraud Management & Cybercrime , ID Fraud

Spotting and Stopping Synthetic ID Fraud

Synthetic identity fraud is the fastest-growing type of financial crime in the country and a particularly dangerous challenge for all companies. By combining real and fabricated personal information, a synthetic identity is specifically designed to look and act like a valid identity - until it doesn’t, leaving financial losses and criminal activity in its wake. That makes this type of fraud good at evading traditional expert systems and models.

We had a chance to catch up with Chuck Moore, vice president of product management with Early Warning, in our virtual studio and discussed many key issues, including:

• What the industry is doing to grapple with the problem of synthetic identity fraud;
• Real-world examples of strategies to mitigate this type of fraud through multiple layers of detection and prevention;
• What steps organizations can take to address the threats posed by synthetic identity fraud.

Moore also addressed what Early Warning is doing to combat synthetic ID fraud, including developing a unique solution, Verify Identity, that leverages data from thousands of financial institutions to provide a more reliable and timely assessment of an applicant's identity credentials.