Synthetic fraud is today’s fastest-growing type of financial crime. Up to 95% of synthetic fraud goes undetected by regular fraud models. Businesses must pivot toward protecting one another and implementing safer ecosystems that can improve equitability and access across demographics and socioeconomic levels. We cannot defeat entity by entity, individual by individual’but as a unified, global consortium working to detect fraud, we can defeat this problem once and for all. The secret is putting aside our innate competitive drive to focus on teamwork, collaboration and partnership.
Source: https://www.helpnetsecurity.com/2021/06/29/synthetic-identity-fraud/