Synthetic identity fraud which is a form of a planned crime is clamping up with every passing day. Identity verification solutions should be integrated into a system in order to combat such frauds.

According to a Federal Reserve (2019) report, synthetic identity fraud is growing rapidly in the United States. It is a form of planned crime in order to overcome all the security measures of a business by remaining untraceable.

In such types of frauds, the information stolen from different platforms is used to open fraudulent accounts and make fraudulent purchases and to steal money from credit card companies

What is Synthetic Identity Theft?#

Synthetic identity theft is a type of identity theft in which identities are completely or partially fabricated and not real. By combining a real Social Security number with a name and birthdate identity thief makes up a new identity that seems real but does not exist.

Synthetic identity theft is always hard to recognize. The victims of synthetic identity theft are primarily the creditors who grant the lines of credit. Victims are usually confused with a synthetic identity, or if negative information in a credit report sub-file damages their credit score.

What Information is Stolen in Synthetic Identity Theft

From unsuspecting individuals the thieves steal their private information to a synthetic identity. Following information can be stolen from social media or other platforms for this purpose:

• Social Security numbers (SSNs)
• Real Name
• Addresses
• Dates of birth

Such thieves can go undetected for so long and leave no trace behind to trace them. Synthetic identity theft is used by criminals to prove someone that they are someone else by merging a piece of original information and fake information to build a synthetic identity.

We can never know the true intentions of the synthetic identity thieves and they can trick you in a million ways. So all that one needs to do is stay a step ahead of such scammers by deploying identity verification solutions into the system.

Identity Verification To Combat Identity Theft Frauds:
Cybercriminal activities due to synthetic identity fraud and Compliance In Banks are clamping up with every passing day. It is dangerous as it remains undetectable and causes a lot of damage. Fraudsters are becoming sophisticated in identity frauds as the technology advances.

This type of fraud is not limited to account takeover and credit card fraud only but it has vast impact. Any entity present online can fall victim to this type of fraud so it is necessary to understand this inorder to deal with it.

Businesses need to have proper identity verification solutions integrated into their system to mitigate the risk of falling in the pit of identity thieves. Lack of such digital solutions are the reasons for anyone to fall prey. In order to combat such frauds facial recognition software can prove to be a feasible solution as it is not possible to steal your face by anyone.

The real presence of individuals can be detected By using 3D liveness detection features. So businesses need to have a proper channel for verification to halt fraudsters before they can carry on their criminal activities.