Fraud: Not Going Away with Steve Lenderman

Synthetic IDs can be used to open fake accounts, but without a
person to file the fraud claim, how should companies deal with
this type of deceit? There is no crime where someone doesn’t need
to pay for the loss. Either way, the loss is passed on to the
consumers in some way or another. 


Today’s guest is Steve Lenderman. Steve is currently the Head of
Fraud Solutions North America at Quantexa and has over 25 years
of experience in financial crimes investigation. His previous
roles include being the Senior Vice President of Fraud Prevention
Investigations at Bank Mobile Technology, the Director of
Strategic Fraud Prevention at ADP, and the Fraud Operations Lead
for PayPal Business Loans. He is a certified fraud examiner and
actively contributes to the anti-fraud community.
Show Notes:

[1:07] - Steve shares his background and what his current
role is at Quantexa.

[4:04] - For those who are interested in a career path in
cybersecurity or fraud, Steve has some tips.

[6:07] - What is synthetic identity? Steve describes what it
is and why we should be concerned about them.

[8:59] - Although still mostly built around financial data,
synthetic IDs have also morphed into other nefarious uses.

[10:56] - All fraud in general is underreported, but
synthetic IDs are extremely underreported, so data is not
accurate, although still very high.

[12:37] - Synthetic IDs can be used to open a credit card and
then after several purchases, fraudsters leave the card open and
unpaid.

[14:21] - Some think that synthetic IDs and fake accounts are
victimless.

[18:59] - To understand how fraud works, Steve had to create
synthetic IDs.

[22:15] - Over the years, it has gotten even easier to do,
which is alarming.

[25:13] - Credit repair using a CPN is illegal fraud using
synthetic IDs.

[26:40] - Synthetics are all built around data and the ease
of collecting data in the last few years has increased the ease
of creating them.

[27:57] - Criminals have learned that they can use synthetic
IDs in more ways and in more industries.

[31:04] - Small businesses are particularly easy targets for
synthetic ID use.

[33:16] - It is possible for synthetic IDs to also be used to
create a new business.

[34:53] - Technology has also made it possible for a deep
fake to be created to match a synthetic ID.

[36:49] - A lot of synthetic IDs are created with unused
credit.



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