Online Lending Suggestions for Mitigating Synthetic Identity Fraud

Synthetic fraud is when fraudsters use a collection of information to create a fake identity for fraudulent loan applications; data verification regulations are also making synthetic fraud more challenging to detect; Auriemma Consulting Group provides three strategic suggestions for online lenders: 1) strengthen front end detection and prevention 2) use data analytics to learn from synthetic accounts and 3) enrich reporting and information sharing. Source