Identity Fraud: What is Synthetic Identity Fraud? Are you affected?

How does Synthetic Identity Fraud happen?

What are the Most Affected Industries?

How to Protect yourself against Synthetic Identity Theft?

For Banks and Financial Institutions:

  • Use biometric parameters while onboarding new customers as these cannot be replicated. Facial recognition, fingerprinting, and iris recognition are all included in this.
  • Multi-Factor Authentication is another tool that can be used to circumvent synthetic identity fraud. Personal details and further confirmation by an OTP sent via email or phone could be another factor used.
  • Use AI and machine learning to flag suspicious purchases, geographic locations, and malware threats.

For individual customers:

  • Keep an eye on your credit. See what purchases are recorded under your name.
  • Always make sure that your credit history is accurately recorded. Check it thoroughly and monitor it for inaccuracies by minutely examining your free annual credit report.
  • Try never to share personal information such as phone numbers, addresses, and banking information, especially on your social media groups; it may seem like a good idea at the time. You can face unexpected financial problems like security and hacking of financial information.
  • When you come across an unexpected piece of mail containing some of your personal information, keep it as later it could turn out to be important.

The Role of AML/CFT Compliances in SIF

Points to prevent SIF in a Financial Institution : Biometric Onboarding, Machine Learning, and Multi-factor Authentication

How IDcentral helps an organization protect their accounts from SIF

  • Immediate identity verification by matching with government databases.
  • Accurate biometric authentication. Instant notifications.
  • Paperless document verification.
  • AI-driven data extraction

To protect your organization from synthetic Identity fraud.

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IDcentral is the next-generation digital identity platform, that helps businesses across various domains to increase their profitability and reduce risk.

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IDcentral

IDcentral

IDcentral is the next-generation digital identity platform, that helps businesses across various domains to increase their profitability and reduce risk.