Synthetic identity fraud’s growth is accelerating and financial services and fintech companies are struggling in their efforts to control the threat, to great consequences. A survey of 500 U.S. fraud and risk professionals with a minimum seniority of manager reveals that for half, their company’s synthetic fraud prevention is at best only somewhat effective. And the ramifications of having inadequate protection is severe:
- 87% of companies have extended credit to synthetic customers
- 20% estimate average loss per incident is from $50K to $100K
- 23% put it at more than $100k per incident
In this report, we detail the prevalence of synthetic fraud, fraudsters’ behaviors, the impact of companies, and their preparedness for evolving threats.
Deduce detects SuperSynthetic™ customers–AI-generated identities so realistic they fool legacy fraud solutions. Deduce unmasks SuperSynthetic identities using patented technology and the largest purpose-built, activity-backed identity graph, with 840M U.S. profiles generating 1.5B+ authenticated online events per day across 150,000+ websites and apps. Deduce Identity Graph data drives real-time multicontextual digital forensics to protect new account opening workflows and expose “sleeper” SuperSynthetics already in customer databases.
Recent Deduce awards include the #1 Security spot in Fast Company’s World’s 50 Most Innovative Companies 2022 and the 2022 CISO Choice Award for Fraud Prevention. Learn more about the SuperSynthetic threat and Deduce’s solution at deduce.com.