Synthetic identities are built through identity theft for use in fraud requiring individually valid identifying details. Identity criminals establish new identities through the combined use of false and actual data, or at times, independently valid information. Criminals utilize this synthetic identity to gain open deposit accounts, credits, driver’s licenses, and even passports.

Financial institutions and insurance firms with traditional fraud detection capabilities lose billions of dollars to fraud. Traditional approaches in detecting fraud play a critical aspect in minimizing financial losses. However, an increasing number of fraudsters have created different methods to avoid being discovered. In order to gain the upper hand again these financial institutions are Read the full article…