Synthetic identity fraud is the fastest-growing financial crime in the country, and by appearing and acting like legitimate accounts, these identities are challenging for banks, credit unions and other organizations to detect.
Companies across all sectors can experience this rising risk – from financial institutions looking to open more online accounts to government entities disbursing unemployment funds to corporations with access to sensitive customer information. It is critical to quickly develop a fraud detection strategy to prevent synthetic identity theft while confidently growing customer bases.
Our VP of Product Management, Chuck Moore, joined iSMG to discuss the ins and outs of synthetic identity theft and how the Early Warning® solution Verify Identity can help keep fraudsters out of company systems.
