SYNTHETIC IDENTITY FRAUD IS THE FASTEST GROWING FINANCIAL CRIME

On 8th October, an article in Forbes reported a claim from Lexis Nexis Risk Solutions that the fraud represents 61% of fraud losses for large banks stem from identity fraud [and] 20% of the identity fraud incurred by these larger banks.  It is explained that it creates a new identity using a real social security number with a fictitious name, driver’s licence and address; and that there are some cracks in the system that have allowed synthetic identities to proliferate – for example, in the US relies on social security numbers as identifiers.  There is no way to validate a number with the US Social Security Administration, which now uses random numbers, eliminating the geographical distinctions that would help identify fraudulent numbers or users.

https://www.forbes.com/sites/forbestechcouncil/2019/10/08/synthetic-identity-fraud-is-the-fastest-growing-financial-crime-what-can-banks-do-to-fight-it/#5e677f917ecb

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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