Synthetic Identities
“Synthetic Identities” is the collection of fabricated identities, often combining fake and real personally identifiable information (PII). Threat actors may pair a real SSN with fake address and date of birth to create a new identity. Cyber criminals use these synthetic IDs in various scams and fraud schemes of varying degrees of complexity. Glean valuable insight from Synthetic IDs to better protect your organization and reduce risk by verifying applicants against NPCyberLens Synthetic ID database.
The value of monitoring Synthetic Identities for the company
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Better Banking
Prevent the creation of fraudulent checking and savings accounts.
Less Loan Fraud
Prevent the creation of fraudulent loan applications, and credit applications.
Reduce Benefits Fraud
Reduce the number of fraudulent government benefit applications and reduce preventable waste of limited government resources.
Improve Compliance
Better adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
Optimized FinTech
Remain vigilant and proactive in protecting customers and systems from bad actors.