Synthetic identity fraud is the fastest-growing type of financial crime in the U.S. This crime creates new, fictitious identities by combining false and legitimate personal information which is then used to commit fraud against financial institutions, government agencies or individuals.
How can we detect and mitigate this rapid-growing financial fraud before it is too late? Together, payment industry stakeholders and law enforcement agencies can help FIs identify trends and gaps, and take steps to create new fraud models that predict better synthetic ID trends.
The losses from these acts are significant. According to a Federal Reserve report, FIs lost upwards of $200 million from 25,000 fraudulently obtained credit cards created from more than 7,000 synthetic identities in a large international crime ring spanning 28 states and 8 countries.
When onboarding new customers, FIs must follow appropriate laws and regulations. By not wanting to over complicate the already cumbersome enrollment process, detecting synthetic identity fraud is difficult.
Join industry experts as they examine these security challenges. Find out what your organization can do to mitigate this risk to protect your customers and organization from loss.
Gain Insight & Understanding
On this webinar, you will learn:
- Why the characteristics of synthetic identity are important
- Mitigation techniques and strategies to minimize the impact from these types of crime
- What FIs can do to prevent unrecoverable losses
- What industry stakeholders are doing to spread awareness and resources
AAPs & APRPs: This webinar is worth 1.8 Continuing Education Credits