How To Catch a Fraudster That Doesn’t Exist
GUEST BLOGGERNeil Dubord, CFE, Chief of Delta Police DepartmentWith the development of websites such as This Person Does Not Exist, anti-fraud professionals are continuing to see a rise in synthetic identity fraud. Synthetic identity fraud occurs when perpetrators combine piecemeal and, at times, factual information to create a new identity. These identities are cheap, quick and easy to produce, and may include a factual piece, or pieces, of information from sources such as breached data sites. Synthetic identity fraud is reportedly the fastest-growing type of financial crime, costing online lenders more than $6 billion annually. With the explosive growth of decentralized finance, synthetic identity fraud will continue to rise. Besides its insidious nature, synthetic identity fraud is also becoming one of the most challenging frauds to detect, investigate and prosecute. …