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 “synthetic” or fake 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 to create a synthetic identity.
Where are Synthetic IDs
A look into Fraudster Schemes
Victims of synthetic identity fraud are everywhere: financial institutions, government, merchants, and the individuals whose identities have been compromised.
Advice to Mitigate and Detect Synthetic Identity Fraud
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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 theft.
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.