Synthetic Identity Fraud: Solution Providers Shining Light Into the Darkness

Synthetic identities are hard to detect; most firms don’t realize the full extent of their exposure.  

June 14, 2022 – The U.S. market is one of the hotbeds of synthetic identity fraud, given the historical lack of a centralized source of truth for consumers’ identities. Synthetic identity fraud often goes unrecognized as fraud and instead winds up written off as a credit loss. Thankfully, the financial services industry has realized what a significant issue synthetic identity fraud represents, and many firms are acting to detect and stop synthetic identity fraud.

This report provides an update on the state of synthetic identity fraud in the U.S. and profiles 11 vendors with proprietary solutions that can contribute to the control framework. Profiled vendors are Acuant, Early Warning Services, Equifax, Experian, FIS, GIACT, LexisNexis Risk Solutions, Prove, SentiLink, Socure, and TransUnion. This report is based on requests for information completed in February through April 2022 with 11 solution providers offering native synthetic solutions for the U.S. market and interviews with North American fraud executives at FIs and fintech lenders.

This 37-page Impact Report contains two figures and 15 tables. Clients of Aite-Novarica Group’s Fraud & AML service can download this report and the corresponding charts.

This report mentions BAE Systems, Bleckwen, DataVisor, Featurespace, FICO, INFORM GmbH, NICE Actimize, and SAS.

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