Synthetic identity theft, the creation of a fictitious identity by combining legitimate identity data with fake information, has become a billion dollar business. As synthetic identity fraudsters look for high returns on their schemes, financial institutions are most at risk.
To combat this new form of fraud, industry experts, including Gartner analysts, recognize that absolute identity proofing with static data is no longer practical. In order to increase applicant processing efficiency and combat synthetic identity theft, a layered approach to identity verification has become vital.
Learn how to use comprehensive identity data attributes that point to the validity of an applicant’s submitted information. Ekata Identity Check™ layered into the front-end of the account on-boarding process helps validate identities, catch discrepancies, and triage risky applications quickly.