Identity Fraud in the Modern Era

I suppose it is inevitable that as we witness a move from physical to digital assertion of an identity to gain access to financial, retail and payment services we should see an attendant rise in the number and types of digital identity scams.

In this round-up of recent reports, we find that the one thing that connects physical and digital identity fraud is the range of technologies and approaches used by bad actors.

Synthetic ID

Modern-day con artists have adapted to the brave new world of online commerce and moved on from phishing, credit card frauds and UPI scams targeting individuals to far more sophisticated, tough-to-detect methods that target institutions as well.

Among the new threats, synthetic identity frauds have emerged as a big concern for banks and financial institutions across the world.