Security News > 2021 > June > How to conquer synthetic identity fraud

"No single organization can stop synthetic identity fraud on its own," reports The Federal Reserve.

As within each of these examples, the same concept applies in fighting identity fraud, which we cannot defeat entity by entity, individual by individual-but as a unified, global consortium working to detect fraud.

They have to worry about protecting not only their own identity but their children's, as we saw children emerge as one of the biggest identity theft targets during the pandemic.

The arrival of our truly physical-digital existence has forced identity protection to the forefront of our minds and amplified the need to understand how, through technology, our identities and behavior can be used to equalize and authenticate our access to all of life's experiences.

According to the Aite Group, 72% of financial services firms surveyed believe synthetic identity fraud is a much more pressing issue than identity theft, and the majority plan to make substantive changes in the next two years.

Fighting identity fraud should no longer be a siloed task for risk and compliance departments in highly regulated industries.

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