Stolen to Synthetic: The Evolution of Identity Fraud and the Need for Resilient Identity Verification
Estimated to be the fastest-growing financial crime in the US, Synthetic Identity Fraud (SIF) has overtaken identity theft in number and complexity. Beyond defrauding financial institutions and public sector programs, SIF has wider societal ramifications. It facilitates money laundering, human and drug trafficking, and terrorist funding.
This report examines the techniques used by fraudsters to develop synthetic identities and illustrates why biometric face verification that incorporates liveness, is key in preventing synthetic identity fraud before it infiltrates your organization.
Download this report to find out:
- What’s driving the rise of Synthetic Identity Fraud SIF
- How SIF impacts organizations: Monetary and reputational loss, huge fines, and media scrutiny
- Why traditional fraud detection models fail to stop SIF
- How fraudster harness generative AI to make synthetics seem more real and how they bypass traditional security processes/methods
- Why resilient biometric face verification deployed at onboarding is the only way to prevent SIF
