Organizations are being targeted by the synthetic identity fraud on an almost daily basis and due to which they are searching for a better technique to address the problem.
FREMONT, CA: Some several financial organizations and retailers are going through a brutal crisis because of the increasing technologies that can assist the cybercriminals in carrying out attacks. One such fraud is synthetic identity fraud, and it is executed by the criminals who have made the false identity of themselves. However, still, now, many companies are positive about the fact that programs like the Security Administration's electronic Consent Based Social Security Number Verification service might help them. This is a pilot program that has been planned for June 2020, and it can prevent fraudulent behavior from the criminals to continue. This plan is also intended to add efficiency to the procedures that are required while authenticating social security numbers directly with the agency of the government.
A considerable amount of money is being exhausted by the fraudsters to create several tradelines, and these are the credit accounts that are listed in the credit reports. These forged identities can easily steal a massive amount of money. Moreover, it takes almost 12 to 18 months for the criminals to generate and nurture their fake identities before they start their attempt of building a credit history to max out all the available credit and ultimately disappearing.
However, it is forecasted that some of the organized crime rings might enlarge their synthetic identity fraud attacks in the coming months. The financial institutions and other organizations might have to deal with the synthetic fraud attacks in several layers before the Social Security Administration's pilot program are launched. These layer attacks depend on analytics, advanced data, and other technologies that are focused on identity.
Most of the companies depend on the demographic details and snapshots when they need to verify the accuracy of the identity. This technique is not appreciated anymore, and companies must try to consider the options beyond these capabilities. Therefore, the companies can identify the patterns and abnormalities related to the potential fraud behavior with the assistance of advanced analytics like machine learning and innovative technologies such as behavioral biometrics.
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