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