3 ways criminals establish synthetic identities

Sophisticated criminals work hard to create convincing, verifiable personas they can use to commit fraud. Here are the 3 main ways fraudsters manufacture synthetic IDs:

  • Credit applications and inquiries that build a synthetic credit profile over time.
  • Exploitation of authorized user processes to take over or piggyback on legitimate profiles.
  • Data furnishing schemes to falsify regular credit reporting agency updates.

Fraudsters are highly motivated to innovate their approaches rapidly. You need to implement a solution that addresses the continuing rise of synthetic IDs from multiple engagement points.

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