The United States faces a significant challenge in synthetic identity fraud, which is when fraudsters create fake identities using real and fictitious information. These synthetic identities are subsequently leveraged for deceit, such as opening fraudulent accounts.
By integrating data from various sources, such as Electronic Consent-Based Social Security Number Verification , ID document verification and device fingerprinting, financial institutions can create a holistic view of an applicant's identity and assess the associated risk level. To further strengthen identity verification processes, a dynamic approach that integrates eCBSV and ID document verification based on fraud indicators from external verification services can be highly effective. Typically, when a user enters PII data for a fintech application, the fintech platform integrates with third-party vendors specializing in fraud verification.
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