Security News > 2021 > March > How to stay ahead of the rise of synthetic fraud

While banks have been successful in reducing card fraud in recent years, a new and rising threat has emerged: synthetic identity fraud.

There are a number of reasons why synthetic fraud is on the rise, but there are also actions banks and other financial institutions can take to prevent this growing trend from doing damage.

Despite its rise and increase in sophistication, identity theft and synthetic fraud are not foregone conclusions that banks must simply learn to live with.

Entity resolution will be crucial to stopping synthetic fraud over the coming years.

Entity resolution brings together data from many sources and more easily identifies information discrepancies which are red flags for synthetic identity fraud.

From there, it's time to create a plan of attack, using entity resolution, network analytics and some creativity to tackle synthetic fraud at scale.

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