This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
08/17/2022
Synthetic identity fraud: The chameleon of fraud trends
CUNA
Of the many fraud trends that shook the financial services industry during the pandemic, synthetic identity fraud (SIF) was arguably the biggest headliner. Synthetic fraud may have flown under the radar of many credit unions prior to the pandemic, but has rapidly garnered more scrutiny alongside escalating monetary losses and media coverage.
SIF involves fabricating a new identity procured from a mixture of fake information and authentic personally identifiable information (PII) stolen from multiple victims. The synthetic identity might use a legitimate Social Security number (SSN) and birth date from a real person, as well as random false data, to fill in any gaps.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information