A recent study found that businesses lost $52 billion to identity fraud in 2021, a shocking 79% increase year over year. This fraud was split between several different types, with new account fraud up 109%, account takeovers growing 90% and credit card fraud seeing a...
Identity fraud has been growing in recent years and had a notable increase in 2021. Identity theft alone accounted for $56 billion in losses that year, up 79% from 2020, and the number of these thefts reported to the Federal Trade Commission (FTC) grew 22%...
Following a consensus from a panel of industry fraud experts, the Federal Reserve is introducing a uniform definition of what constitutes synthetic identity fraud (SIF). “A shared understanding of what constitutes synthetic identity fraud is expected to improve its detection, measurement and mitigation in the...
Identity fraud is pervasive threat, with fraudsters stealing identities and constructing fake ones to steal $16.9 billion in 2019. Technologies like video onboarding and artificial intelligence (AI) have shown promise in facing this threat, but each is vulnerable when deployed alone. In this month’s Fighting...
June 07, 2024
It’s been a busy few weeks in the realm of identity verification. Fraudsters are wily, it’s true — leveraging technology, particularly AI, and stolen data, to construct new online personas. And in doing so, they fly under the radar, so to speak, presenting themselves as legitimate customers to banks and to businesses. All too often, […]
November 02, 2022
Identity fraud has been growing in recent years and had a notable increase in 2021. Identity theft alone accounted for $56 billion in losses that year, up 79% from 2020,...
July 24, 2020
Synthetic identity fraud is costing companies heavily, with $14.7 billion lost to this type of crime in 2018 alone. This is a particularly subtle and nefarious kind of attack, in...
January 28, 2020
Credit unions (CUs) face stiff competition from banks, FinTech firms and other players in the financial industry, but they have several intrinsic advantages. A recent study found that CUs beat...
April 06, 2021
Following a consensus from a panel of industry fraud experts, the Federal Reserve is introducing a uniform definition of what constitutes synthetic identity fraud (SIF). “A shared understanding of what constitutes synthetic identity fraud is expected to improve its detection, measurement and mitigation in the payments industry,” Jim Cunha, senior vice president, Federal Reserve Bank […]
