Why Better Business Verification Is Key to Stopping Synthetic ID Fraud in Marketplaces
Event has passed
Hosted by Marketplace Risk
Fake businesses are scamming marketplace buyers. Here’s how to stop them.
It’s a good time to be an online marketplace. Global sales have doubled from $2 trillion to $4 trillion in just 6 years. 400,000 businesses are being formed in the U.S. every MONTH, and for many, one of the first steps those newly-formed businesses take is to set up their marketplace storefronts.
But there’s a problem. Most marketplace onboarding programs are built around individual sellers, even as marketplaces attract more professional sellers—and imposters—as they grow. Fraudsters are increasingly exploiting this gap in identity verification with synthetic identities that can be extremely difficult to spot. This panel will discuss the rise of synthetic identity fraud, the unique business risks that individual identity verification overlooks, and the strategies marketplaces can adopt to detect and mitigate these risks to their online communities.
