Synthetic identity fraud is the fastest growing financial crime in the United States
posted on Wednesday, July 28, 2021 in SHAZAM Blog
Where money is in motion, there are those looking to steal it. While fraud isn’t new, the perpetrators’ techniques are constantly evolving to take advantage of the current environment.
Synthetic identity fraud (SIF) uses a combination of personally identifiable information (PII) to fabricate a person or entity to commit a dishonest act for personal or financial gain. While traditional identity theft is well understood, it’s often mistaken or confused with synthetic identity fraud.
SHAZAM’s an industry leader when it comes to fraud prevention, and one of best ways we can keep you and your accountholders safe is through education. The Center for Payments recently published a SHAZAM article: Synthetic identity fraud: a serious payments industry concern. SIF is reportedly the fastest growing financial crime in the United States, so we encourage you to read and share this article with your staff, accountholders and community.
We’re here to help. Please reach out to your SHAZAM regional director if we can assist you.
SHAZAM's mission: Strengthening community financial institutions.
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