Synthetic identity fraud is a fast-growing, sophisticated financial crime in Canada where bad actors blend real and fake information to construct new, fabricated identities. This white paper breaks down the 18-to-24-month synthetic fraud lifecycle and introduces advanced methods to spot these “perfect” profiles before they execute high-value bust-outs.
Key Insights From the Report
- The 95% Gap: Traditional onboarding systems can miss up to 95% of synthetic identities because these profiles are meticulously nurtured to mimic ideal consumer behaviour.
- Look for ‘Digital Dust: While fraudsters can fake a near-perfect credit score, they cannot easily replicate the messy “digital dust” of a real life, including utility bills, streaming accounts, or e-commerce transactions.
- The Predictive Edge: Equifax’s AI-powered Synthetic Identity Score flags high-risk creation patterns; in one risk analysis, the riskiest 10% of scores contained 30% of the identities that later became delinquent.
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Synthetic Identity Score
