Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses

Presented by

Scott Peddle, Verafin

About this talk

Presented by Verafin In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud. With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss. Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud. In this presentation we will discuss: - The scale of synthetic identity fraud and how it relates to other financial crimes - Common ploys fraudsters use to commit synthetic identity fraud - Challenges facing financial institutions to mitigate fraud losses involving - synthetic identity fraud and other evasion methods - Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities - Best practices and innovative approaches for fraud detection and investigation
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Nasdaq Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. 3500 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states.