Synthetic fraud often goes undetected at financial institutions. It is a type of fraud that traditional KYC and other identity verification programs are unable to stop.
In the last few months at SentiLink, using the team’s own insights and original analysis, we’ve developed a better understanding on how and why this type of fraud has been a real blind spot in industry-standard risk management practices, and why this has tangible impacts to financial crime enforcement and national security.
As industry awareness and education improves on this subject, we also believe that regulators will start asking hard questions about what FIs are doing to detect synthetic identities.
With these insights in mind, we are happy to share “Synthetic Identity Fraud: The Next Frontier in the Fight Against Financial Crime," a white paper that crisply summarizes SentiLink’s viewpoint on how we got to where we are, and how we can design solutions to strengthen our financial system against this ever present threat.