The Federal Reserve calls synthetic identity fraud the biggest financial crime of our time. Illusive fraudsters take years to build good credit profiles for synthetic identities before busting out, making them difficult to monitor and detect because they appear to be typical consumers.
This problem is so severe that FinCEN highlights it as a threat to national security. For this seemingly impossible mission, the best defense against synthetic identity fraud is to employ purpose-built controls to uncover the synthetic identities present at customer onboarding, as well as those secretly hiding in your portfolio.
Check out this on-demand webinar with our industry experts where you’ll learn:
- Why existing identity fraud defenses have been ineffective in mitigating synthetic identity fraud.
- How the Federal Reserve classifies synthetic identity fraud.
- Why labeling and collaboration are critical to eradicating this threat.
- The dangers of leaving synthetic identities to smolder in your portfolio.