8 things to know about synthetic identity fraud

Why Synthetic Identity Fraud Is More Sinister Than Traditional Identity Theft

Community banks and other smaller financial institutions need to recognize one of today’s most troubling cybersecurity issues—synthetic identity fraud.

Traditional identity theft is bad enough, but synthetic identity fraud affords criminals even greater access to money that doesn’t belong to them. As a result, it’s time to learn how this financial crime is carried out, why it’s growing and how your institution can help stop it.

Manufactured Identities Versus Stolen Ones

Traditional identity theft has garnered significant attention over the last decade. The consequent increased consumer awareness and development of more robust identity theft mitigation technologies and tactics has made this financial crime more difficult and costly. Unfortunately, criminals are undeterred and continue to look for workarounds.


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