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.
