Identity theft

Motor vehicle agencies are better suited to vet customers’ identities than banks; Goldman unit is stealing customers from big U.K. banks.

Social Security numbers are used to verify identity across the financial services industry, but their use is outdated and leaves consumers vulnerable to data breaches.

Synthetic fraud brings the pain from many angles — a fluid mix of fake credentials and phony accounts that can overwhelm traditional identity theft tools.

In September, the National Credit Union Administration barred five people from the industry, including one individual who was accused of working to embezzle more than $1 million.

The regulatory relief law passed this spring contained a measure to stop synthetic fraud, but the provision is incomplete.

The regulatory relief law passed this spring contained a measure to stop synthetic fraud, but the provision is incomplete.

As banks beef up defenses, hackers are targeting the weaker link: customers.

All service providers, even those with a strong security posture, are only as secure as the Home Depots, LinkedIns and Equifaxes of the world, argues George Avetisov, chief executive of HYPR.

The provision would make it harder for criminals who use real Social Security numbers to create fake personas and then apply for credit.