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By Suparna Goswami
The modus operandi of fraudsters for synthetic ID fraud changed drastically between 2020 and 2021, says senior vice president, data breach solutions at Sontiq, a TransUnion company, Al Pascual.
“What we saw was pretty surprising. Between 2020 and 2021, the losses and incidents around synthetics, when it comes to credit-related products, were down,” says Pascual.
“This is not to say that synthetics went away in the credit space. Last year, what we could talk about was benefits fraud. Criminals were stealing so much money that they were struggling to get it out of the system. Synthetics were turning up in massive numbers, but they were turning up in demand deposit accounts,” he says.
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