How Synthetic IDs are Used to Defraud the Financial Industry – and How to Stop It

Featured Speakers :
WHEN : 07/15/2020 2:00 pm 3:00 pm

Complimentary webinar, presented by BAE Systems Applied Intelligence

Today, most financial institutions (FIs) create accounts or services with synthetic identities and find themselves chasing ghost accounts for recourse or remediation. Fraudsters combine real and fake information to create new identities. How are these identities created? What can be done to detect them before onboarding a customer? Can you know if a customer is who they say they are?

During this webinar, we will walk through an example and unravel a fraudster’s scheme to create a synthetic identity in order to obtain a financial item of value. The fraudster appears to be a new client, however in fact the same account holder has been a customer multiple times for different types of products over several years. This session will also explore how the fraudster created different identities and walk through what FIs can do to identify and prevent the fraud.

Learning Objectives:

  • Understand the prevalence of application fraud and synthetic identities, what they look like, and what you can do to avoid them
  • Discuss real-world scenarios where such activities took place and the impact it had on the bottom line
  • Identify tools available to FIs such as network analytics, watch lists and third-party data

This session is eligible for 1 CFCS credits.

Important note for ACFCS members: Please register using the same email address tied to your member account.