Banks have been successful in reducing card fraud in recent years, a new and rising threat has emerged: synthetic identity fraud has emerged. Banks need to find better solutions, using analytics and analytics to tackle some synthetic fraud at scale. Banks should not have to compromise their customer experience in order to implement appropriate fraud controls, say experts. Banks’ instincts are to improve authentication processes to prove a physical person is the same as the person on an application, including device data and external data sources, to protect themselves and customers.
Source: https://www.helpnetsecurity.com/2021/03/22/synthetic-fraud/