Keir Breitenfeld, Senior Business Consultant, recently sat down with host, Cameron D’Ambrosi on the State of Identity Podcast to discuss the emergence of synthetic identity fraud, its true financial impact and how organizations can begin to fight back.

Synthetic identity fraud is an epidemic impacting all markets.

There is a strong focus on new and underbanked consumers, which can pose a large threat to your onboarding and customer management policies, and most importantly, overall profitability. Fraud slows down systems, drives up costs and exploits the unsuspecting.

In our latest tip sheet, Four Common Synthetic Identity Scenarios, we provide real-world examples of how synthetic identity fraud is souring various markets, from auto and healthcare to financial services and the public sector.

The pace of data breaches continues to rise.

With the prevalence of personally identifiable information (PII) available from fraudsters, identity management methods have had to evolve. It has been noted that an individual’s identity is available on the dark web for roughly $1,200.

Several key methods have proven effective in using advanced analytics in fighting identity fraud horizontally across industries and across fraud attack vectors. Pension account take-over, ID fraud in property claims and entitlement ID theft in the public sector have just begun to receive the focus found in the financial services industry.

Experian’s Solution Consultants will discuss industry trends, the impact of the dark web, and strategies to prevent account take-over and help reduce exposure to identity related schemes like impersonation or synthetic identity.

The cycle repeats: Criminals, when blocked from one fraudulent
opportunity, look for a new area of vulnerability to exploit.
Responding to a constantly evolving attack sphere that now
includes kiosk, mobile, e-commerce and other channels,
organizations continue to layer more fraud controls atop one
another. While determined fraudsters work to find ways around
them, these controls create additional friction for good customers.