“Forget the fake IDs adolescents used to get into bars,” says Georgia State’s David Maimon, who is also head of fraud insights at SentiLink, a company that works with institutions across the United States to support and solve their fraud and risk issues. “Nowadays fraudsters are using sophisticated software and capable printers to create virtually impossible-to-detect fake IDs.” They’re able to create synthetic identities, combining legitimate personal information, such as a name and date of birth, with a nine-digit number that either looks like a Social Security number or is a real, stolen one. That ID can then be used to open financial accounts, apply for a bank or car loan, or for some other dodgy purpose that could devastate their victims’ financial lives."
Does this seem a little far-fetched? The reporter lost $5000 - a lot of money! - but if it required a high-tech impossible-to-detect fake ID, layers of shadowy criminal gangs and cash mules it seems like there won't be a huge profit left. It seems more likely that this kind of fraud is much less sophisticated, and is exactly the same technology used by adolescents to get into bars.
This feels like another argument that this is an unsolvable problem, and banks are helpless against mysterious dark web hackers. Dive bars are held reasonably accountable over verifying identity, it seems crazy that we accept that banks can't/won't do the same.
Does this seem a little far-fetched? The reporter lost $5000 - a lot of money! - but if it required a high-tech impossible-to-detect fake ID, layers of shadowy criminal gangs and cash mules it seems like there won't be a huge profit left. It seems more likely that this kind of fraud is much less sophisticated, and is exactly the same technology used by adolescents to get into bars.
This feels like another argument that this is an unsolvable problem, and banks are helpless against mysterious dark web hackers. Dive bars are held reasonably accountable over verifying identity, it seems crazy that we accept that banks can't/won't do the same.