SentiLink's webinar, "What Does ID Theft Look Like These Days" brought together experts from Acima, PenFed, and The ID Theft Resource Center. The discussion centered around how fraud related to the government pandemic relief programs impacted their business, evolving techniques fraudsters are leveraging to commit ID theft, the role of the dark web as it relates to ID theft and predictions for ID theft in 2021.
Here's a link to the full video and below are the show notes.
Up first is the craziest fraud scheme examples. Hear about how a rapper exploited unemployment benefits from the California Employment Development Department, how a mail carrier deserves a gold medal for foiling an unemployment fraud scheme, how an unknowing dishwasher was recruited to become a money mule to cash fraudulent loan checks, and how a consumer with a common name bought credentials of other people with the same name and applied for credit. [4:35]
Hear how fraudulent funds secured from government COVID relief programs has impacted financial institutions. This includes how to catch money mules who are funneling these funds through financial accounts. SMB lenders and banks offering DDA accounts are likely the most impacted by this type of fraud. The data from the Identity Theft Resource Center supports a shocking amount of ID theft related to government relief programs. [13:35]
Evolving fraud tactics are discussed related to ID theft in recent months. New things to look for in email domains and VOIP phones related to ID theft. [21:06]
The role of the Dark Web as it relates to ID Theft. What new products are going after the fraudster's data in the dark web, what detailed personal information is in this data, and that scores can be created from it. How this data can be layered together with other data sources to create a holistic ID theft solution.[25:21]
The section around predictions for 2021 includes an expectation that there will be a large increase in fraud in consumer and SMB loans, that the pandemic has exacerbated an already growing ID theft problem. Fraud alone in California in 2020 created 11,000 millionaires! There will eventually be a holistic identity product that uses behavioral biometrics, device recognition, breach record data and other sources to create a unique digital identity. Customer sentiment will change towards friction as many will welcome more friction as a way to protect their privacy. [30:54]
Hear how effective the Social Security Administration's electronic verification process (eCBSV) is in preventing fraud. [39:55]
Learn about the latest in phone spoofing. [41:10]
And, what's the panel's opinion about charging companies more if they have higher fraud. Similarly whether ID theft criminals should be punished commensurate with the damage they cause. [44:55]