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By ID Analytics - The Synthetic Epidemic: Understanding Identity Fraud after SSN Randomization
There’s no doubt that the synthetic identity fraud epidemic is growing in sophistication, intensity, and frequency. The question plaguing institutions today is: How do we identify and prevent synthetic identity fraud when there is no identifiable perpetrator or self-reporting victim?
Prior to social security number (SSN) randomization in 2011, fraudsters either used a stolen SSN or they made one up, which risk analysts were often able to detect. Now, in the post-randomization era, it is difficult to determine whether an identity is fake or is associated with someone who has a randomized SSN. In order to identify the root cause of this escalating problem, and not just address the symptoms, it’s important to develop an understanding of the new threats posed by synthetic identities.
This whitepaper covers:
- The different types of synthetic identities
- The emerging trends we’re seeing post SSN Randomization