Payments On Fire

Fraudster innovation is a constant. As the defenders of payment transactions thwart one fraud vector, these innovators, playing offense, switch tactics. Today, the problem of knowing who you are, that you are who you say you are, in the digital domain demands stronger authentication techniques. Many of those rely on the attributes, the data, provided by the user or by the applicants in the case of credit extension. In turns out that even the data supplied by applicants can be both entirely bogus and sufficient to convince a credit issuer to onboard the applicant and extend credit. This is the problem of synthetic identity. To explore the synthetic identity challenge, take a listen to this conversation with Naftali Harris, CEO of SentiLink, a company focusing on detecting synthetic identities. Coming from years at Affirm, Naftali and the SentiLink team serve credit issuers struggling with this new fraud vector.   First, let’s define synthetic identity using the Fed’s Synthetic Identity Fraud in the U.S. Paymen