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Fraudsters have turned to creating phony identities that are pieced together with information from several real and fictitious sources. Perpetrators use the synthetic identities to apply for credit, make major purchases, or take other actions that help give each identity a financial history.
There are several reasons for this growth in synthetic identities:
EMV chip cards gaining traction in the U.S
Rampant data breaches
Looser credit standards
Increased abuse of authorized user privileges on credit card accounts
This white paper examines several important aspects that businesses need to know:
How synthetic identities are created
Which approaches businesses can leverage from solution vendors to support their internal anti-fraud processes
Key steps and best practices for battling against this predominant tactic for fraudsters