Synthetic identity fraud is reported to be one of the fastest-growing types of financial crimes in the U.S., costing financial institutions billions in losses annually. To help better identify and mitigate this type of [...]
In Part One of this series, we examined the surprising ways the COVID-19 pandemic affected synthetic identity fraud. (For more detailed information, download the report from the Aite Group.) In Part Two, we offer recommendations [...]
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 [...]
While credit union leaders are ever vigilant of the latest in fraud activity to keep their institutions safe, synthetic identity fraud is an area that’s tricky for many to detect. It helps fraudsters navigate [...]
The battle against fraudsters in the digital era has evolved into a never-ending arms race. The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in [...]
Within the U.S. payments system, tenacity is turning into the new central narrative. No longer are fraudsters satisfied by assuming another person’s identity – they are now focused on creating false identities to commit [...]
Among the most fastest growing types of identity fraud is synthetic fraud, which has exploded with the proliferation of data breaches such as Equifax. “You need to be aware that this fraud is occurring and [...]
