Unraveling True Identities Behind Account Takeovers and Synthetic Fraud

Banks and other financial services organizations are under siege. Banking fraud grew 159% in Q1 2021 compared to Q1 2020, with 93% of all fraud attempts executed online. Account takeover attacks increased 282% during the pandemic. Usually automated, these attacks result in annual losses of $16+ billion. Now add synthetic identity fraud to the barrage, which can result in losses up to $6 billion for issuers and lenders . To stop these losses, you first must sort out the real vs. fabricated identity elements behind the attacks.