Synthetic ID fraud costs banks $2 billion a year. The bad guys are so crafty that the credit bureaus are unwitting accomplices to the fraud. Traditional methods of catching ID theft fall short, as Naftali Harris, co-founder of SentiLink says in the latest Monday Conversation...
Discussions about ID theft often involve hackers and cyberattacks gaining access to consumer and payment data. But action from the U.S. Federal Trade Commission (FTC) on Tuesday (Sept. 18) showed how eCommerce can enable other forms of ID theft. The federal agency said it shut...
A new type of credit card fraud is emerging, dubbed “synthetic identity theft.” In instances of synthetic identity theft, cybercriminals create new identities to credit card accounts instead of stealing existing Social Security numbers. According to a report in Bloomberg, this type of credit fraud...
December 23, 2019
Impersonation fraud — where a cybercriminal pretends to be someone they aren’t in an attempt to make off with funds — gets a lot of attention, and for good reason. Cybercriminals are getting good enough to fake biometric authentication methods using Deep Fake and other techniques. Earlier this year, for example, fraudsters made off with […]
April 01, 2019
Synthetic ID fraud costs banks $2 billion a year. The bad guys are so crafty that the credit bureaus are unwitting accomplices to the fraud. Traditional methods of catching ID...
