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truth: For financial institutions making the move to
digital, the risk of identity fraud increases," SentiLink
researchers wrote. "To help address these new Unlock Your
challenges and reduce risk, financial institutions
have increasingly focused on data 'sources of truth' to
authoritatively answer whether a key piece of identity Growth Potential
information is valid or not.

"Frequently, these sources are government entities: With a BCP Loan
The Social Security Administration (SSA) for SSNs, the
IRS for income and other tax transcript data, and state
departments of motor vehicles for drivers license data
are some examples."

While eCBSV is fully operational and capable of
supporting approximately 350,000,000 verification
requests per year, researchers acknowledged it will take
time to fully implement. They expressed confidence,
however, that the solution will help mitigate both
forms of synthetic identity, which they defined as a
manipulated real person's identity and a totally fake
identity.

"As mentioned at the outset of this paper, SSA is the
'source of truth' for SSNs," researchers wrote. "But
even sources of truth like a federal agency are not
infallible and are prone to similar data quality issues
and technical limitations as can impact any other
database. Additionally, while the SSA is the source of
truth for which SSNs they have issued, there is nothing
preventing them from issuing SSNs to identities that
don't exist due to fraudulently filed SS-5 forms."

Driving transaction security
Every new car owner who drives off a dealer's lot
leaves behind a trail of digital exhaust that takes on
a life of its own, navigating multiple checkpoints on
its journey from POS to settlement. Every checkpoint,
from verification and authentication to payment
gateway and direct deposit account, presents its
own potential risks and vulnerabilities. These risks
multiply exponentially, SentiLink researchers warned,
as financial institutions migrate to digital platforms,
onboard new customers and enter markets outside BOCA
their physical footprints. CAPITAL

In Part 2 of this series, The Green Sheet will interview PARTNERS
security leaders who are working with financial
institutions, business owners and third-party service
providers to protect customers' digital identity data at Get a loan from $100,000 to
point of entry, in transit and at rest.
$5,000,000 for your ISO today

Dale S. Laszig, senior staff writer at The Green Sheet and founder
and CEO at DSL Direct LLC, is a payments industry journalist
and content strategist. Connect via email dale@dsldirectllc.com,
LinkedIn www.linkedin.com/in/dalelaszig/ and Twitter https:// Call Now: 844-531-4957
bocacapitalpartners.com
twitter.com/DSLdirect.

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