Edentify CEO Says More Vigorous Vetting Needed to Fight Synthetic ID Fraud
BETHLEHEM, Pa. -- According to Edentify CEO Terrence DeFranco, reports that identity theft is on the decline should be taken with a grain of salt. "Most surveys are only related to one category, that which the victim knows about," said DeFranco. "The reality is usually the victim is the last to find out and in many cases of identity fraud the victim never finds out, so it is like saying I'm going to track murders only but not the overall crime in an area--it's very misleading."
What further complicates the identity fraud issue is that as financial institutions and consumers get better at protecting against true name fraud synthetic identity fraud continues. DeFranco says that this particular type of fraud is more of a crime against an organization rather than an individual victim.