Synthetic identity theft is the fastest growing type of ID fraud thanks to increasing data breaches. The bad guy combines elements of fictitious and real stolen identity data to build convincing fake identities. Over 85% of synthetic fraud identities are easily slipping past risk detection systems.
Biometric verification driven by machine learning technology provides a more reliable and convenient way to verify user identities during online onboarding. Fingerprint and facial biometric are the two more widely adopted verification methods.
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