How to Prevent Synthetic Identity Fraud

Synthetic Identity Fraud ranks as one of the three most detrimental risks to have ever faced the banking industry, and, even worse, it may act as a door to possible terrorist activities.

There is a way to help prevent it, however. Read on to understand the devastating effects of Synthetic Identity Fraud, as well as its unique solution. By some estimates, synthetic identities accounted for $6 billion in credit charges between 2016 and 2017, more than half of those losses stemming from Mastercard fraud. With a median charge of $15,000 per attack, it’s easy to understand why fraudsters perceive Synthetic Identity Fraud as a particularly lucrative financial crime. With close to ten million new lines of credit generated within the U.S. each year, synthetic identities may be viewed as extremely challenging to uncover before it’s too late. However, this is not entirely true. Synthetic identities can even be leveraged in crimes with devastating, possibly deadly, consequences as well. Plane tickets, housing rentals, hotel stays, and even firearms could be purchased using Synthetic Identity Fraud, furthering the dangers of criminal and terrorist enterprises.

Synthetic Identity Fraud has proven to be very difficult to catch and prevent for many reasons. In contrast to traditional identity theft, with Synthetic Identity Fraud, artificial identities are meticulously crafted and nurtured over time to form a wholly new, fake “person” with an actual financial record, thereby allowing the fraudsters to impersonate what appear to be legitimate customers. Therefore, customers whose social security numbers have been stolen don't ordinarily discover that their personal information has been involved in Synthetic Identity Fraud until they're contacted by a set agency, often years later.

There is an imperative weapon in the war against Synthetic Identity Fraud, a tool that could save businesses many thousands of dollars: Liberty Data, Inc’s

Liberty Data, Inc. has specialty tools that can detect dishonest customers in their tracks, including Synthetic Identity Fraudsters. As leading specialists in Synthetic Identity Fraud, Liberty Data, Inc. has state-of-the-art, progressive tools. With its innovative, lightning-speed technology, and its secret data weapon, Liberty Data excels at helping banks, merchants, and online retailers defend themselves against Synthetic Identity Fraud. Not only does Liberty Data have access to more information than its competitors, but they also have a highly trained staff that consists of top experts in fraud analysis. This means that the Liberty Data staff go beyond simply double-checking data; they understand what to look for in fraudulent customers, going so far as checking for property assets, social media presence, related individuals, educational history, and more. This rich waterfall data sweep conducted by both data machinery and professional experts is precisely what allows Liberty Data to be number one in helping companies prevent Synthetic Identity Fraud.

Its 100+ terabytes of knowledge, its outstanding staff made up of expert fraud analysts, as well as its rich information on people, including addresses, names, and social security number confirmations, IRS verification, and so much more, Liberty Data Inc.’s offers financial establishments an exceptionally powerful - and fast - approach to prevent cyber criminals before they strike.