Defining Synthetic Fraud
A SentiLink white paper in support of industry and government efforts to outline the hard-to-define problem of synthetic fraud
WHITEPAPER
SentiLink's Framework for Understanding Synthetic Fraud
Ask five people what is synthetic fraud and you will get five different answers. Not only does synthetic fraud cost banks and lenders billions of dollars a year in losses, but there’s not a widely agreed upon definition of it.
SentiLink has been working with industry groups, government agencies and regulators to create a common language around synthetic fraud. Defining synthetic fraud will enable financial institutions to accurately measure the size of the problem and build models to address synthetic identities. It also will enable government agencies and regulators create policies and guidance for the industry to insure proper controls are in place to mitigate it.
It is with this in mind that SentiLink applied a deep understanding of synthetic fraud towards this white paper, “Defining Synthetic Fraud.” It proposes a framework for defining synthetic fraud, includes a discussion of other types of fraud as well as the tactics often used by fraudsters. We hope this helps to create more clarity around what is synthetic fraud so industry players, government agencies and regulators can work together to tackle this growing problem.
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SentiLink empowers institutions and individuals to transact confidently by preventing synthetic fraud, identity theft, and other forms of identity fraud. Its solutions verify over one million identities and stop over 20,000 identity thieves every day by leveraging both machine learning models and human insight from a team of top risk analysts.
SentiLink proudly serves a broad array of institutions, from the largest U.S. banks to innovative fintechs, auto lenders, utilities, and many more.
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