Fraud Management & Cybercrime , ID Fraud
How Fraudsters Changed Their Synthetic Fraud TacticsSontiq’s Al Pascual Discusses Synthetic ID Fraud, Importance of Industry Collaboration
The modus operandi of fraudsters for synthetic ID fraud changed drastically between 2020 and 2021, says Al Pascual, senior vice president, data breach solutions at Sontiq, a TransUnion company.
See Also: Live Webinar | Education Cybersecurity Best Practices: Devices, Ransomware, Budgets and Resources
"What we saw was pretty surprising. Between 2020 and 2021, the losses and incidents around synthetics, when it comes to credit-related products, were down," says Pascual.
"This is not to say that synthetics went away in the credit space. Last year, what we could talk about was benefits fraud. Criminals were stealing so much money that they were struggling to get it out of the system. Synthetics were turning up in massive numbers, but they were turning up in demand deposit accounts," he says.
In a video interview with Information Security Media Group, Pascual discusses:
- How fraudsters changed their modus operandi during the pandemic;
- Ways the industry can collaborate better;
- How the identity market will evolve in 2022.
Pascual is the senior vice president, data breach solutions at Sontiq, a TransUnion company. Previously, he was the COO at Breach Clarity, a fraud prevention and detection technology startup. He has also served as head of fraud and security for Javelin Strategy & Research, where he directed the company's research and analysis on consumer identity theft trends. Earlier, he led investigations into cases of organized payment fraud at FIS.