Synthetic identity fraud remains a highly complex and sophisticated crime. It’s attractive for expert fraudsters and crime gangs because criminals receive large payouts and can go completely undetected for a lengthy period of time.

Account takeover fraud carries a number of financial and reputational risks. For this reason, estimates suggest that around two thirds of businesses classify ATO as a top business threat. This is particularly the case because research has shown that the number of ATO attacks is on the rise, with fraudsters becoming increasingly sophisticated and difficult to spot.

The way biometric verification works is simple. To work effectively, a business will build a database that stores authentic customer data. Then, a business can compare a user’s physical traits to the samples in the database in order to find a match.