PodChats for FutureCISO: Combating synthetic identity fraud

CXOInsights by CXOCIETY

The proliferation of synthetic identities, which are fabricated identities created by combining real and fictitious personal information, has fuelled a surge in fraud across various industries. These synthetic identities are often used to open fraudulent accounts, obtain credit or loans, and engage in other illicit activities. The rise of artificial intelligence (AI) technology has exacerbated this issue, enabling criminals to generate highly realistic fake identities with ease, including fabricated names, addresses, and even biometric data like facial images and voice recordings.

Organizations must adopt advanced techniques, such as behavioural analytics and biometric authentication, to detect and prevent synthetic identity fraud effectively. Failure to address this threat could result in substantial financial losses, damage to reputation, and erosion of customer trust.

In this PodChats for FutureCISO, we are joined by Johan Fantenberg, Principal Solutions Architect, APJ, Ping Identity, to walk us through what synthetic identity is, how it is evolving with AI assistance, and measures CISOs can implement to counter the rising threat.

1. What are synthetic identities, how are they created, and who (businesses/industries) are threatened most by these?

2. Given all the experiences against fraud, all the technologies available today including AI-driven identity management solutions, and measures like AML/KYC, why should synthetic identities remain a concern for enterprises?

3. Why is it challenging to detect synthetic identities during the account creation process?

4. How can an organisation protect against synthetic identities created through the combination of legitimate and fake data?

5. How can behavioural assessment and bot detection techniques be used to identify and prevent synthetic identity fraud?

6. Who should be in charge of strategies to combat the threat of synthetic identity?