Synthetic Identity Fraud: Follow the Money

Banks and fintechs continue to see sharp increases in synthetic identity fraud. Losses from this dangerous form of financial crime could double to almost $5 billion by 2024, from the current estimate of $2.48 billion. No longer just a ploy for credit “bust outs,” synthetic identities are opening demand deposit (DDA) and investment accounts at alarming rates. These transactional accounts become the financial conduit for bad actors to perpetrate impersonator scams, DDA fraud, and financial crimes.It’s only going to get worse as synthetic identity fraudsters become more creative in waging these attacks.

In this on-demand webinar with industry experts, we’ll discuss:

• What is the connection between synthetic identity fraud trends and different levels of financial crime
• How synthetic identity fraud patterns have shifted from credit to DDA fraud
• Why regulators are so concerned about this particular type of identity fraud
• What are the best practices for eradicating synthetic identity fraud
• Why it’s important to keep synthetic identities from entering your ecosystem at customer onboarding

Ian Mitchell

Founder, Omega Fincrime And Founder, The Knoble

Cheryl L. Parker

Special Agent, Public Information Officer (PIO), IRS Criminal Investigations

Mike Cook

Vice President, Fraud Solutions, Socure

Cory E. Jacobs

Assistant Chief, U.S. Dept. Of Justice, Criminal Division, Fraud Section