Synthetic identity fraud, or SIF – when criminals combine real and fake personal information to create fictitious identities to open financial accounts – resulted in $20 billion in losses for U.S. banks and financial institutions in 2020. These schemes can be difficult to detect as they combine completely valid information with fictitious, yet established, e-mail and social media accounts, for example. For businesses that rely on static PII (personally identifiable information) as a fraud stopgap, SIF accounts can be extremely difficult to spot and interdict.
Thwarting losses that stem from SIF attacks
GIACT’s latest white paper, Hidden Costs of Synthetic Identity Fraud, highlights the emerging threats that synthetic identify fraud poses to businesses and consumers. To combat SIF, the report details ways for businesses to understand how SIF is being executed and what security measures may stem the flow of losses.
What You’ll Learn
- Improve communication to ensure effective verification;
- Know what to look for to thwart SIF schemes
- Empower your employees with fraud detection tools; and
- Validate identity on an ongoing basis — not just at enrollment.
