Application fraud at financial institutions is being driven by the prevalence of compromised PII – some of which fraudsters are using to mix and match with falsified info to create synthetic identities. 🎭 These fraudulent identities are then used to facilitate a whole host of financial crimes that lead to losses for FIs, like opening accounts to be used by money mules 🫏 or to commit credit card 💳 or loan fraud 💸.

We recently partnered with IDC to survey 100 banks and credit unions about the challenges they’re up against when it comes to hashtag#SyntheticIdentityFraud, what they’re currently doing to address the issue, and the future countermeasures the industry is looking towards.

📝 Delve into the full report here: https://lnkd.in/gZkMEc3p

Is your financial institution 🏦 up against #SyntheticIdentityFraud? If the answer is yes, you’re not alone.

From using synthetic identities to open money mule 🫏 accounts to committing credit card 💳 and loan fraud 💸, criminals are using them to perpetuate a range of crimes that are causing big losses for banks and credit unions.

🔍 We recently partnered with IDC to survey 100 professionals at financial institutions to better understand the issue – the challenges they’re facing in identifying synthetic identities and quantifying the issue, the investments they’re making to combat it, and the solutions they’re looking to for future prevention.

📝 Get the full report below!

#MoneyMules 🫏 are used to facilitate criminal activity, launder illicit funds, and pose a major risk to financial institutions.

🎤 We’re looking forward to hearing from the experts on how to spot and stop money mule activity at this upcoming roundtable discussion

🔗 Register below!

 Don’t miss out! 🕒

Our Scams Roundtable on July 25th will equip you with the tools to fight against money mule activity. Join us as Karen Boyer, Jeff Crawford, and Ken Palla lead this insightful discussion.

It’s time to take action! Register today and be part of the solution.

Link to register: https://hubs.ly/Q02Drq8T0

Thank you to our sponsor, Early Warning®!

Early Warning has partnered with HackerOne to offer a public bug bounty program where all valid high and critical vulnerabilities found are paid out 1.5 times of eligible bounty payouts, and up to $15,000 for each valid submission. Find vulnerabilities on our websites, portals, web services, and mobile app within scope to earn rewards. Promotional campaign is valid now through June 30, 2024. Visit our program page to learn more!