In 2017 there were 800-million dollars in losses from Synthetic identity fraud in credit cards alone as estimated by Julie Conroy, an analyst with the Aite Group. She believes this will skyrocket to 1.2 Billion by 2020. Robert Capps, VP and Authentication Strategist at NuData Security commented below.
Robert Capps, VP and Authentication Strategist at NuData Security:
“The nine billion personal records stolen over the last few years have fueled the synthetic identity fraud market with ample data to create fake identities or combinations of two different identities. This type of fraud is hard to decipher by companies as each piece of personal information can be legitimate, but it’s only combined that they create a fake one. This type of fraud is often powered by automated scripts that fill out forms to apply for services or open accounts. Today, more companies are implementing multi-layered security solutions to be able to detect this fraudulent activity and block it before any fraud losses occur. This multi-layered solution includes passive biometrics and behavioral analytics technologies to detect automated events or anomalous human behavior by looking at the user’s behavioral patterns without adding friction.”