‘SYNTHETIC IDENTITY’ FRAUD SPARKS CONCERN AMONG REGULATORS – BUT WILL BANKS FIGHT IT EFFICIENTLY?

Anti-fraud agencies, financial institutions and central banks are working increasingly hard to fight sophisticated identity fraud, where fraudsters build an identity based on stolen IDs to open bank and credit card accounts. These comprehensive fake IDs – sometimes pulling together multiple identity elements and invented details – are often subbed ‘synthetic identity’ frauds. They are either abused immediately or used to slowly build up a solid credit score, with fraudsters maxing out facilities in spending sprees, say analysts. Commenting that these ...


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