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Synthetic Fraud Detection: An In-Depth Guide
Synthetic fraud detection is a method used by financial institutions to prevent fraudulent activities involving fictitious identities. It employs advanced algorithms and data analysis to identify anomalies in data and flag potential synthetic identities, helping to proactively prevent financial losses.
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Synthetic identity fraud is a type of identity theft in which a criminal combines both real and fake personal information to create a new, fictitious identity that can then be used for various identity-related schemes, such as credit card fraud, bank fraud, and more. While the fraudster may use an individual's SSN, they add fake personal details, such as a fictitious name and address. This combination of identifying information often fails to show up on credit reports or other traditional detection tools used by consumers.
