Federal Reserve says sophisticated forms of fraud are on the rise. Synthetic identity fraud is the fastest-growing type of financial crime in the U.S., accounting for billions of dollars in losses annually. Organizations need to make a fundamental shift in their fraud-fighting strategies, authors say. Organizations should examine the linkages between all the identity markers holistically over time, they say, rather than sequentially testing individual data points in an effort to confirm that the person posing as a customer or potential customer is really who they say they are.
Source: https://www.helpnetsecurity.com/2021/05/28/shift-from-verifying-data-to-authenticating-identity/