How Synthetic IDs are Used to Defraud the Financial Industry – and How to Stop It
Featured Speakers :
Deleep is an experienced project manager and data scientist with strong experience leading cross-disciplinary teams in planning and developing end-to-end analytic solutions. He has worked with large government agencies to develop analytic solutions for fraud and contraband detection. Deleep has a strong interest in combining analytics with fraud detection and is a graduate statistician. Deleep is a member of the American Statistical Association and a Certified Fraud Examiner.
Lukayn serves as a subject-matter expert in the areas of financial crime and fraud, delivering and maintaining fraud prevention solutions for BAE System’s diverse customer base. He has over 15 years of experience in the financial services and software industries. Prior to joining BAE Systems in 2016 he was Vice President, Fraud Product Management for a top-tier global processor where he oversaw multiple product lines related to fraud and risk management. In addition, he has held product consulting roles pertaining to cybersecurity and risk.
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.