While banks and fraud fighters focus their energies on combating synthetic identities used by individuals, fraudsters are simultaneously establishing fake business
Synthetic IDs and mule accounts will continue to be a huge problem in 2024 even though vendors and financial institutions now recognize the problem and are
Synthetic IDs and mule accounts will continue to be a huge problem in 2024 even though vendors and financial institutions now recognize the problem and are
Defining Synthetic ID Fraud: How It Helps With Mitigation
gsuparna) • April 14, 2021 Get Permission Now that the Federal Reserve has issued a definition for synthetic ID fraud, fraud-fighting efforts likely will improve because it will be easier to identify red flags, some security experts say. The Fed has defined synthetic ID fraud as the use of a combination of personally identifiable information to fabricate a person or entity in order to commit a dishonest act for personal or financial gain. “You can t manage what you can t measure. Without a common definition, it was hard to determine the significance of synthetic ID fraud and the best way to remedy it, says Greg Woolf, the founder and CEO at FiVerity, who was one of 12 fraud experts participating in a focus group that helped the Fed craft the definition. And more importantly, without a clear definition and greater consensus, the
BankInfoSecurity
May 5, 2021
gsuparna) • March 16, 2021
Karen Boyer, vice president, financial crimes and fraud intelligence, at People’s United Bank To mitigate the fraud risks posed by synthetic IDs, banks should use consumers devices to help with authentication, says Karen Boyer, vice president, financial crimes and fraud intelligence, at People’s United Bank, based in Connecticut. “The device of a consumer can give out information beyond just geolocation, she says. There is the ability to tell if you are signing on using an emulator. There are technologies for bot detection to check the speed of your typing.” In a video interview with Information Security Media Group, Boyer also discusses: