PaymentsJournal: The Business of Synthetic Identities

June 1, 2018 — A look at the market of synthetic identity creation and fraud

Ryan Wilk, VP at NuData, wrote a report issued yesterday by PaymentsJournal disclosing that consumers are placing their trust in online businesses and banks with the expectation that they can transact or buy what they want, when they want, without risk. Customers also expect that companies will protect their interests without making them jump through security hoops.

Today, more companies are implementing multi-layered security solutions that include passive biometrics and behavioral analytics. These technologies detect fraudulent accounts created with automated tools and block them before any losses occur. This approach allows companies to identify automated scripts by their behavior and blocks fake transactions while providing a seamless experience to the legitimate customer. Additionally, good customers can be accurately identified and offered an enhanced seamless experience.

For the complete article, go here.