AI boosts growth in 'synthetic' identity fraud

A new survey of 500 financial executives in the US shows a 17 percent increase in 'synthetic' identity fraud cases over the past two years, with more than a third of professionals reporting a significant surge of 20 to 50 percent. The study by Wakefield Research for Deduce finds that despite the industry investing in fraud prevention, 52 percent of experts believe that fraudsters are adapting faster than defenses can keep up. Synthetic identities use a combination of legitimate personally identifiable information, such as social security numbers, and fabricated information designed to pass as a real human being. This type… [Continue Reading]