Synthetic identity fraud – the act of creating a fake identity to access goods or services – has become a top-of-mind threat for many American financial institutions. Recent research from the Aite Group suggests that synthetic identity fraud losses equate to 20-30% of all credit write-offs, resulting in total losses between $6-9B annually. Synthetic identity fraud is difficult to distinguish from legitimate consumers and without a specific victim to confirm a crime – this type of fraud carries a low-risk, high-reward proposition for criminals that often sits unidentified in a lender’s credit losses.
In this webinar hosted by American Banker, Scott Hamlin and Carmel Maher from ID Analytics along with Aite Group research director Julie Conroy, will provide a comprehensive overview of synthetic identity fraud and discuss the factors contributing to the rising impact of this threat. ID Analytics will share new research findings which outline the key differences between synthetic fraud and traditional fraud and credit risk behavior, as well as describe how synthetics are able to circumvent today’s processes. Synthetic identity fraud is a multifaceted problem, one which has left many lenders feeling helpless. There is light at the end of the tunnel; ID Analytics will share best practices for optimizing your detection and prevention strategy to tackle synthetic identity fraud head-on.