The research delves into the present scenario of stolen and synthetic identity fraud in North America, offering insights into the obstacles encountered by financial institutions (FIs) and the growing risk posed by artificial intelligence (AI).
Deduce representatives stated that their study indicates that AI magnifies risks by generating stolen and synthetic identities, making them more difficult to identify. This emerging fraud challenge is leading to a rise in false positives, as current fraud
detection methods struggle to distinguish AI-driven fraud from genuine customers, resulting in added inconvenience. To combat fraud, promoting collaboration across industries is important to outsmart fraudsters and protect the integrity of financial systems.
For the study, Datos Insights interviewed 15 senior-level executives specialising in fraud, risk, and compliance from prominent banks across North America. The selection criteria were based on their key roles in managing financial crime strategy, operations, and prevention within their institutions.
Key findings:
Read the complete study here.
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