Identity Theft vs. Identity Fraud
Fraud Summit - Chicago 2014 - Identity fraud and the creation of synthetic identities often result from identity theft, but the strategies organizations follow to prevent ID theft and ID fraud are very different. Register for this session to learn:
See Also: How the New World of Digital Banking is Transforming Fraud Detection
- How the industry defines ID fraud and ID theft;
- Why banking institutions have a unique role to play in protecting consumers' identities;
- New strategies to better detect the creation of synthetic identities.
Additional Summit Insight:
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Our risk-based system of identity proofing in business and commerce - on top of the rapid advance of technology -- has resulted in the development of sophisticated first-party fraud where identities of nonexistent actors, or avatars, often hide in plain sight while costing society billions each year.
All while organization fixate on the more obvious identity theft, or more aptly named criminal impersonation.
In this session, recorded at the 2014 Chicago Fraud Summit, identity fraud expert Richard Parry discusses the difference between first- and third-party fraud, focusing particularly on synthetic identity and how and why it proliferates, impacting all major business verticals.
Mark Pulido of the U.S. Postal Inspection office in Chicago then shares insights and case studies from his agency's recent identity fraud investigations.
ISMG's Fraud Summits are one-day events focused exclusively on the top fraud trends impacting organizations and the mitigation strategies to overcome those challenges.
All 2014 Fraud Summit Chicago recordings:
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