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Synthetic ID fraud is difficult to detect because it appears to be an actual consumer applying for an account. Instead, it's a fake identity. These identities are created using a mix of personal identifiers from different people to form a complete identity. Since synthetic identities are not linked to real people, there is no one to pay the bill, and nowhere to go when it鈥檚 time to collect. You鈥檙e stuck with an account balance that will ultimately be charged off.

It鈥檚 costing businesses hundreds of millions each year

Synthetic identity (ID) fraud is the fastest growing type of identity fraud. It accounts for up to 80 percent of all identity fraud, including 鈥渢rue name鈥� fraud. It was a $700 million problem for businesses in 2016, and it鈥檚 rising at a stunning rate of 17 percent annually鈥攂ringing the total impact to nearly $1 billion by 2020. If you don鈥檛 have a plan to combat synthetic ID fraud, now鈥檚 the time to get one.

Get a plan, build a checklist

You can start with research. The more you know about synthetic ID fraud, the better you can defend against it. Your current data provider is a great resource for information, since they鈥檙e on the front lines every day. They can help you learn all about this unique type of fraud, including:

• How synthetic ID fraud begins
• The path it takes once inside your business
• It鈥檚 impact on your industry
• How others within your industry are fighting it

Like other forms of fraud, particularly online fraud, synthetic ID fraud is fast-moving and constantly evolving with changing consumer behaviors and security strategies. Once you鈥檙e up to speed on the latest tactics, it鈥檚 important to stay up to date. Consider setting online news alerts about synthetic ID fraud and subscribing to relevant blogs and emails from industry groups and fraud associations. Also, stay connected via networking platforms such as Twitter and LinkedIn. Next, work with your data provider and relevant functional teams within your organization to:

• Review your current fraud mitigation strategy. If it doesn鈥檛 address the latest synthetic ID fraud tactics, revise your strategy accordingly. Take the time to test any new fraud mitigation processes and controls put in place and document all policy changes.
• Establish a benchmark. Compare fraud activity within your organization to other similarly-sized businesses within your industry.
• Continuously monitor all fraud activity and establish a regular review schedule. Analyze all fraud activity on a weekly, monthly or quarterly basis, and compare it against your benchmark to help determine how you should move forward.

With a solid understanding of synthetic ID fraud, build a proactive strategy that鈥檚 focused on recognizing and stopping it before it enters your business. For additional insight and guidance, download the