Fighting synthetic identity fraud

According to a report by Socure, a digital identity verification solution, losses related to synthetic identity fraud are estimated to be nearly $2.5 billion in 2023 and could double to $5 billion in 2024. Technology solutions for synthetic fraud Unlike traditional fraud, synthetic identity fraud ca...

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Bibliographic Details
Published inIndependent Banker Vol. 73; no. 6; pp. 18 - 19
Main Author Yang, Anna Burgess
Format Trade Publication Article
LanguageEnglish
Published Sauk Centre Independent Community Bankers of America 01.06.2023
Subjects
Bank fraud
Community banks
Credit reports
Customers
Financial institutions
Identity theft
Independent banks
Pandemics
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Summary:According to a report by Socure, a digital identity verification solution, losses related to synthetic identity fraud are estimated to be nearly $2.5 billion in 2023 and could double to $5 billion in 2024. Technology solutions for synthetic fraud Unlike traditional fraud, synthetic identity fraud can be difficult to detect, since financial activities can look legitimate until the bust out occurs. Because of this, the number of cases in any financial institution are likely underreported. [...]on behalf of the bank itself, they can look across all accounts for abnormal activity.
ISSN:0019-3674