Finance Insurance

Synthetic IDs, phony employers among auto borrower fraud trends

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Frank McKenna, co-founder and chief fraud strategist at risk management firm Point Predictive, says synthetic identity fraud entails a completely phony persona generated with a “hodgepodge” of details, such as one person’s Social Security number, another party’s name and an address unrelated to either.
September 22, 2021 05:22 PM

More criminals are deploying "synthetic" identities and fake employers to secure auto loans through fraud, said Frank McKenna, co-founder and chief fraud strategist at risk management firm Point Predictive. Here is a closer look at both types of fraud.

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