Navigating Synthetic Identity Fraud: Trends, Challenges, and Countermeasures in Banking

Navigating Synthetic Identity Fraud: Trends, Challenges, and Countermeasures in Banking

Synthetic identity fraud, a scheme in which criminals use real pieces of identity data in combination with falsified information to create fake identities, has increasingly become a risk to financial institutions and their customers in recent years. In fact, the issue has become so prevalent that 62% of financial institutions surveyed say synthetic identity fraud is increasing at their bank or credit union. It has been perpetuated by fraudsters with such stealth and success that it’s difficult to measure the magnitude of its impact, however the range of loss estimates are in the billions of dollars.

To better understand the trends and challenges FIs are facing when it comes to synthetic identity fraud, as well as the countermeasures they’re deploying to combat it, we commissioned a survey of 100 professionals at banks and credit unions through IDC.

The survey explores the opinions and perceptions of professionals at financial institutions regarding the products most associated with synthetic identity fraud, the tools being used to combat it, the expectations around future investments in preventing it, and the capabilities banks and credit unions will be seeking from vendor solutions to effectively address synthetic identity fraud going forward.

Download the full report by IDC to learn:

  • The key banking products and account types most affected by synthetic identity fraud
  • The pain points associated with current vendor solutions designed to address fraud risk
  • The capabilities considered most critical by financial institutions when it comes to detecting and preventing the proliferation of synthetic identities and the expected future investment in acquiring these capabilities

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