Synthetic ID fraud - a growing threat to the insurance industry

Synthetic identity refers to an intricate web of fictional credentials, where the implied identity is not associated with any real individual.

In the insurance world, Synthetic ID fraud is a growing threat with fraudsters using fake identities to commit crimes, and it is becoming increasingly difficult to detect.

This article outlines the implications for the insurance industry, and what insurers can do to protect themselves.

Topics covered:
• Two distinct approaches to craft synthetic identities.
• A breeding ground for fraud.
• The evolution of the threat and its impact on stakeholders.
• Dual challenges.
• Solutions for the insurance industry.
• Taking a proactive approach.