SyntheticID - Detecting Synthetic Identity Fraud

Resource SyntheticID - Detecting Synthetic Identity Fraud 1.0

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Identity theft and fraud utilizing "Synthetic ID fraud" is something I personally had never heard nor was aware of (the term Synthetic ID) until a friend and former co-worker - Kelly - alerted me to it. Kelly landed a job with Equifax awhile back and was filling me on the what/how this newer form of ID theft is effecting automotive dealerships nationwide.

"Fraudulent synthetic identity accounts that go undetected for 24 months drive estimated total losses of $200 million per month across ALL industries — $2 billion annually..."

This PDF merely touches on some of the statistics and risk assessment results while promoting a new Equifax service - FraudIQ® - designed to help dealerships detect synthetic identity fraud earlier so dealers can:

Avoid chargebacks
Mitigate fraud losses
Maintain lender relationships
Better protect your bottomline

The purpose of the resource is NOT to promote Equifax but instead to help bring about more awareness of Synthetic ID fraud.

I've also included a few links to additional resources on the information around synthetic identity fraud:




Author
Jeff Kershner
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