Application fraud at financial institutions is being driven by the prevalence of compromised PII – some of which fraudsters are using to mix and match with falsified info to create synthetic identities. 🎭 These fraudulent identities are then used to facilitate a whole host of financial crimes that lead to losses for FIs, like opening accounts to be used by money mules 🫏 or to commit credit card 💳 or loan fraud 💸.

We recently partnered with IDC to survey 100 banks and credit unions about the challenges they’re up against when it comes to hashtag#SyntheticIdentityFraud, what they’re currently doing to address the issue, and the future countermeasures the industry is looking towards.

📝 Delve into the full report here: https://lnkd.in/gZkMEc3p

Is your financial institution 🏦 up against #SyntheticIdentityFraud? If the answer is yes, you’re not alone.

From using synthetic identities to open money mule 🫏 accounts to committing credit card 💳 and loan fraud 💸, criminals are using them to perpetuate a range of crimes that are causing big losses for banks and credit unions.

🔍 We recently partnered with IDC to survey 100 professionals at financial institutions to better understand the issue – the challenges they’re facing in identifying synthetic identities and quantifying the issue, the investments they’re making to combat it, and the solutions they’re looking to for future prevention.

📝 Get the full report below!