All synthetic identities are not created equal:
Examining purported synthetic signatures
Synthetic identity fraud is the fastest-growing type of financial crime in the United States. As synthetic identities have become increasingly common and the need for effective defenses more critical, risk managers have been drawn toward solutions which target specific “tricks of the trade” associated with fake identities. ID Analytics wanted to better understand how ubiquitous these traits truly are among synthetic identities.
In this installation of ID:A Labs’ research series we analyzed known synthetic identities, as identified by leading financial institutions, to determine the frequency and variability of credit piggybacking, the exploitation of randomized SSNs and the use of digital channels.
The research revealed that more than 50% of synthetics do not exhibit the most commonly targeted signature trait by solutions today. Our analysis demonstrates how assessing only one signal associated with the crime will fail to produce a holistic synthetic defense strategy. Download to learn more.