Archived Webinar

Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses

Originally Presented: February 14, 2019

In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud.

With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss.

Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud.

In this presentation we will discuss:

  • The scale of synthetic identity fraud and how it relates to other financial crimes
  • Common ploys fraudsters use to commit synthetic identity fraud
  • Challenges facing financial institutions to mitigate fraud losses involving synthetic identity fraud and other evasion methods
  • Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities
  • Best practices and innovative approaches for fraud detection and investigation
  •   314(b) Information Sharing
  •   Crime Rings
  •   Cybercrime
  •   Data Breach
  •   FRAMLx
  •   Fraud
  •   Identity Theft
  •   Risky Entity Analysis

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