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Fight Back Against Synthetic Identity Fraud

A Growing Concern for Businesses

Synthetic Identity Fraud (SIF) is a complex form of identity theft that occurs when a fraudster uses a combination of personally identifiable information (PII) of an individual(s) to create a false or “synthetic” identity. This identity is used to commit a dishonest act for personal or financial gain. Synthetic Identity Fraud is not only fast-growing, it is also notoriously difficult to detect due to its complexity and the rise in “faceless” online transactions.

Types of Synthetic Identities

  • Manipulated Synthetic Identities: Occurs when a person slightly modifies real PII, typically their own, to create a new identity, as a means to hide bad credit.
  • Manufactured Synthetic Identities: Occurs when a fraudster steals PII, often sold on the dark web, and combines that PII with other stolen identity data of another individual, or fake PII.

Where Synthetic IDs
are prevalent.

A look into Fraudster Schemes

Synthetic Fraud causes problems for just about everyone: financial institutions, government, merchants, and the victims whose identities have been compromised.

Often the first step a fraudster takes with their new synthetic Identity is to apply for credit, then make small purchases that proceed with timely payments. Once a good credit history is obtained they purchase big ticket items, with no intent to pay.

Fraudsters seek out retailers and auto lenders known for their hassle-free, online buying process or Buy Now, Pay Later offers.

Synthetic Identities are used to apply for telecom and utility accounts to establish alternative forms of verifiable identity accounts to prep for future scams.

Unemployment benefits and government assistance program scams have proliferated in the past few years, and worsened during the pandemic.

Synthetic Identities are used to manage and transfer funds associated with organized crime such as money laundering, drug and human trafficking, and cyber-terrorism.

Tools to Mitigate Synthetic Fraud

Our identity proofing and fraud prevention solutions powered by patented machine learning and AI technology will help detect and prevent synthetic identity fraud.

AuthenticID’s Facial Biometric technology provides a fast, simple way to authenticate an individual by matching a person’s selfie to the photo on a government-issued ID, profile picture, or any other image of a person’s face with complete accuracy.

Our machine learning technology provides 99%+ accuracy in detecting even the most sophisticated fraudulent documents. Our proprietary technology combines machine learning and AI to review over 2,000 unique computer vision data models to verify an ID’s authenticity.

Fraud Shield is AuthenticID’s proprietary, fused biometric and biographic watchlist service, offering fraud detection and protection unlike anything else on the market. This “superpower” solution is nearly 100% accurate and can protect your company against even the most rapid, prolific, and sophisticated bad actors.

See our ID Verification in Action

Explore the benefits of Identity Proofing. Our ID Verification technology can be tailored for any industry with custom workflows to meet your use case needs.