May 24, 2018 — Congress has passed an anti-fraud measure as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act, with one of the bill’s sections establishing guidelines to help prevent synthetic identity fraud.
Robert Capps, VP at NuData, comments on a report issued yesterday by Infosecurity Magazine disclosing that section 215 of the recently passed Economic Growth, Regulatory Relief, and Consumer Protection Act, details the steps that will be taken to enhance consumer protections using fraud protection data, defined as an individual’s name, SSN and date of birth.
Synthetic identity theft is one of the reasons many e-commerce companies and financial institutions are turning to multilayered solutions that incorporate passive biometrics and behavioral analytics. With these technologies, even when the consumer’s static information (such as social security numbers, date of birth and other data) is stolen, the breached credentials cannot be used to log into someone else’s account or to make a fraudulent transaction – making the stolen data useless.
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