Socure Publishes New Whitepaper on Growing Problem of Synthetic Identity Fraud
Summary
The ultimate goal is to compile data elements or profile attributes—taken from different individuals—to present a “new” face that can get past a first line of defense with an appearance of legitimacy. The paper also addresses how advanced analytics and data science are helping institutions grapple with synthetic identity fraud. “Synthetic identity fraud presents some unique challenges for financial institutions,” says Jeff Scheidel, Head of Training & Development at Socure. Socure powers financial inclusion, increasing acceptance as much as 40 percent for millennials and other thin-file consumers. It also reduces fraud for online new account opening by up to 90 percent, lowers manually reviewed knowledge-based authentication (KBA) rates by as much as 80 percent, and automates Customer Identification Program (CIP), Know Your Customer (KYC) and anti-money laundering (AML) compliance initiatives.