Financial institutions are under attack by increasingly sophisticated synthetic fraud schemes. But there is typically no victim to raise their hand—and in bank Demand Deposit Accounts (DDAs) and Savings accounts there is oftentimes no immediate financial loss—so this type of fraud often goes undetected.
Undetected—but still extremely harmful. While banks and fintechs may not have fully realized the harm of synthetic identities, regulatory and government groups are paying close attention, which means compliance changes will soon follow (and some are already underway).
In this research report, industry expert Mike Cook breaks down synthetic fraud trends across industries, including surprising results from an in-depth impact analysis. Read the Synthetic Identity Fraud Attacks: How Banks and Fintechs are Fighting Back report for his and other industry experts’ key research takeaways and to learn what banks and fintechs are missing in their approaches to synthetic identity fraud attacks.