How Synthetic Identity Fraud Happens

Aug. 30, 2018 | by BioCatch

Synthetic identity fraud is quickly becoming a devastating source of fraud losses. In 2015, it cost the credit card market $580 million. By 2019, that total is projected to soar to over $1 billion in losses.

Broken identity proofing solutions that rely on personally identifiable information (PII) are to blame. Cybercriminals piece together stolen PII to forge new identities, ones they use to evade the credit check process and rack up thousands in charges and unsecured credit.

In this infographic, we walk through how a synthetic identity is born and present a solution for how to prevent synthetic identity theft.

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Topics: Fraud