Fraudsters seek new ways to exploit private information. Cybercrime and fraud prevention is an evolving field based on varied tactics used by fraudsters. In order to be prepared to mitigate fraud risks, you must understand the current fraud trends.

The initial segment of this series focused on fraud trends that have been identified for 2023 and beyond. Broadly, these trends include:

  • Automation
  • Account Takeover
  • Adoption of new digital payment methods
  • Balancing fraud and consumer friction
  • Rise of synthetic identities
  • Escalating cost of fraud
  • Targeted attacks
  • Strong need for real-time assessment
  • Need for multi-layered fraud assessment
  • Account security

In the initial segment we evaluated areas of automation and machine learning fraud. Subsequent sessions looked at account takeover and digital payments. Our review on synthetic identity fraud will be examined in two sessions.

  • Fraud trends for the future - Understanding synthetic identities
  • Fraud trends for the future - Mitigation methods for synthetic identity fraud

This session is dedicated mitigation methods for synthetic identify fraud. Synthetic identity fraud is a type of financial crime where a fraudster creates a fake identity using a combination of real and fake personal information. The fake identity is used to apply for credit, open bank accounts, or make purchases etc. This fraud is difficult to detect because the fraudster is using a combination of real and fake information. It becomes harder for institutions to catch the fraud and it may be more difficult for law enforcement to track the fraudsters.

Course Series

This course is included in the following series:

7 CoursesFraud Trends for the Future

  1. Fraud Trends for the Future - Examining Automation and Machine Learning
  2. Fraud Trends for the Future - Examining Account Takeover Fraud
  3. Fraud Trends for the Future - Digital Payments Fraud
  4. Fraud Trends for the Future - Mitigation Methods for Synthetic Identities
  5. Fraud Trends for the Future - Understanding Synthetic Identities
  6. Fraud Trends for the Future - Need for Real-time Risk Assessment - Part one
  7. Fraud Trends for The Future - Targeted Attacks
Learning Objectives
  • Explore and examine tools for mitigation of synthetic identity theft.
  • Discover and examine SOCURE‚Äôs 10 step to mitigation process.
  • Explore what you can do when you fall victim to synthetic ID theft.
  • Identify other identity theft solutions.
Last updated/reviewed: August 25, 2023
3 Reviews (13 ratings)

Reviews

4
Anonymous Author
Course is easy to understand with concepts of synthetic identities explained clearly. The questionnaire also captures all key aspects of the synthetic fraud program and anyone can easily recap.

5
Member's Profile
Very interesting. I did not know much about this topic and the course gave me a lot of useful information.

5
Anonymous Author
The course instruction was clear, relevant and concise without being overwhelming.

Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Fraud Trends for the Future - Mitigation Methods for Synthetic Identities3:10
  Keys to Fighting Back4:42
  Tools to Mitigate16:22
  SOCURE'S 10 Step Process17:14
  SOCURE'S 10 Step Process Cont'd15:10
  Prove - Phone Centric Identity6:40
  What to Do if You Fall Victim4:36
  Software4:16
  Summary1:26
CONTINUOUS PLAY
  Fraud Trends for the Future - Mitigation Methods for Synthetic Identities1:13:36
SUPPORTING MATERIAL
  Slides: Fraud Trends for the Future - Mitigation Methods for Synthetic IdentitiesPDF
  Fraud Trends for the Future - Mitigation Methods for Synthetic Identities Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam