Security experts are now warning about a new problem that is proliferating in the wake of the recent Equifax data breach: Synthetic identity fraud.
In short, fraudsters are now taking pieces of information from different identity theft victims and piecing them together to create brand new identities. Think of it like a “Franken-identity,” which may use the Social Security number of one person, the name of another and an address from a third individual. Together, these credentials can be used to create something that had not previously existed.
These new identities, which are often referred to by the slang name “fullz,” are being bought and sold on the black market at a frightening pace. According to Biometric Update, there has been a 112-percent YoY increase in synthetic identity fraud. It’s currently the fastest-growing form of identity theft, and we expect it to continue well into the future now that there is an abundance of consumer data floating around the dark Web.
For this reason, security experts are now advising companies to look deeper into customers’ credentials when approving and enrolling them in services. A person may look official over the phone or on paper, but on the end it could very well be a hacker using the bits and pieces of many different identities to spoof the system.
Voice biometric identity verification can be used to further protect customers after they are enrolled, as it’s the most secure form of all the biometric technologies on the market — and the least likely to get hacked.
To learn more information about voice biometrics, click here.