This white paper explains the evolution of synthetic identity fraud, analyzes methods being used to perpetrate it, identifies trends in synthetic identity activity including impacts from the COVID-19 pandemic and follow-on stimulus efforts, and ultimately offers a 10-point strategy for combating this rapidly growing threat and eventually eradicating the plague of synthetic fraud.
Highlights of this white paper include:
- Common patterns that bad actors use to create synthetic identities, including birth months, locations, familiar names, and more
- Early definitions of synthetic fraud have broadened to include manipulated identities
- Synthetic fraud behavior has shifted over time from instant gratification to money movement through mules
- Research that shows how the global pandemic had a significant impact on synthetic identities infiltrating the DDA, lending, and investment sectors