Synthetic identity fraud is a type of identity theft in which a fraudster combines real and fake information to create a new identity. This information is used to open fraudulent accounts and make fraudulent purchases. Synthetic identity fraud is a complex and costly problem that affects financial institutions, businesses, and consumers alike. According to some estimates, synthetic identity fraud resulted in an estimated $20 billion in losses for U.S. banks and financial institutions in 2020.
One of the challenges of detecting and preventing synthetic identity fraud is that it can take a long time for the fraud to be discovered. Fraudsters may open accounts and use them responsibly for a certain period of time in order to build up the credit score and history of the synthetic identity. They may also use multiple synthetic identities to create a network of fraudulent accounts that can be used to transfer money and evade detection.
To safeguard against the rise of synthetic identity fraud, financial institutions, businesses, and consumers need to adopt advanced and reliable ID verification solutions that can verify the authenticity and validity of the identity documents and biometric data presented by the customers. One of the best and leading solution providers in this field is Accura Scan, a global digital KYC, identity verification and customer onboarding solution provider.
Accura Scan offers an ID scanning solution that can scan and extract data from various types of identity documents, such as passports, driver’s licenses, national IDs, visas, etc. The solution uses optical character recognition (OCR) technology to read the machine-readable zone (MRZ) and other data fields from the documents with high accuracy and speed. The solution also performs ID forgery detection to check for any signs of tampering or alteration on the documents.
Accura Scan also offers a facial & fingerprint biometrics solution that can perform face/fingerprint match and liveness checks on the customers. The face match feature compares the face image captured from the camera with the face image on the ID document to verify that they belong to the same person. The liveness check feature verifies that the customer is a real and live person and not a spoofing attempt using a photo, video, or mask. Accura Scan provides both 2D and 3D liveness check options, as well as active and passive liveness check modes.
Accura Scan’s ID scanning and facial & fingerprint biometrics solutions can be integrated into any platform or application using its SDK or WEB API. The SDK works offline as well, which means it does not require an internet connection to perform ID scanning or face biometrics. Accura Scan’s solutions are compliant with various regulations and standards.
Accura Scan’s solutions can help financial institutions, businesses from different sectors, and consumers to safeguard against the rise of synthetic identity fraud by providing a fast, easy and secure way of verifying the identity of the customers. By using Accura Scan’s solutions, financial institutions and businesses can reduce the risk of fraud losses, increase customer trust and loyalty, enhance customer experience and satisfaction, streamline customer onboarding processes, comply with regulatory requirements, and improve cybersecurity.
To conclude, Accura Scan is a key provider of global digital KYC, identity verification and customer onboarding solutions that can help you safeguard against the rise of synthetic identity fraud. To learn more about Accura Scan solutions and benefits, visit www.accurascan.com today and also take our free trial.