Customer Onboarding

Retail Banking  ·  7 min read

Identity Verification at Onboarding: Why Synthetic Identity Fraud Passes the Checks You Already Have

Synthetic identity fraud is the fastest-growing fraud type in retail banking. Unlike traditional identity theft, synthetic identities are constructed to pass standard document verification and bureau checks. The signals that identify them are behavioral and relational rather than documentary — and they require a different detection approach to the one most banks currently deploy at onboarding.