Synthetic identity fraud calls for a new approach to identity verification

In 2022, US financial institutions and the credit card sector lost an estimated $4.88 billion to synthetic identities through falsified deposit accounts and unsecured credit cards. That’s because legacy fraud prevention procedures often come up short in the effort to defend against this growing threat. As a result, increasingly sophisticated crime rings are using these techniques to not only target financial institutions, but also government agencies and enterprises as diverse as telecom firms, online gaming … More →

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