Synthetic Identity Fraud- The Hidden Threat Behind the Data
AML Conversations
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Unmasking Synthetic Identity Fraud
This chapter explores the evolving issue of synthetic identity fraud, where fraudsters create fictitious identities using real individuals' data for financial gain. It discusses the challenges faced by financial institutions in balancing efficient service delivery with the need for thorough verification processes to combat such fraud. Additionally, the chapter emphasizes the importance of training staff to recognize red flags and the role of technology in detecting and preventing these fraudulent activities.
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