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.

False declines, persistent login challenges and friction-ridden onboarding processes are all examples of customer experience (CX) issues that can stem from unoptimized anti-fraud strategies that fail to take the CX into account.

These issues impede the journeys of loyal customers, causing frustration and, at worst, adverse impacts to revenue and relationships. Failing to recognize existing customers doesn’t only jeopardize the experience; the business as a whole suffers.

In this Research Report, you’ll learn:

• The top enterprise fraud concerns now.
• Why fraud must be treated as a CX problem.
• How CX and UX teams can collaborate to fight fraud and CX friction.

See how the award-winning Deduce Identity Insights helps businesses streamline user identification for better fraud prevention and customer experience.

“Deduce is focused on transaction analysis speed and efficiency. Though they process high volumes of data, they do not retain PII within their systems so as to facilitate compliance with privacy regulations. Their alerting product can render decisions about impossible travel and quickly disseminate that status to downstream applications.

Moreover, Deduce has a unique Go-To-Market strategy, targeting eCommerce infrastructure providers rather than individual eCommerce vendors, which will likely facilitate adoption.”

In this research report, you’ll learn:

• Why consumer-facing businesses implement fraud reduction intelligence platforms.
• How user behavioral analysis capabilities are expanding and getting more detailed in terms of transaction-level attributes.
• Why Deduce is a Vendor to Watch in this space.

See how the award-winning Deduce Identity Insights solution uses Real-Time Behavioral Intelligence at Scale to prevent fraud and protect the Trusted User Experience.

Omdia explains how Deduce Identity Insights can help prevent fraud and improve customer experience.

In this research report, you’ll learn:

• How organized criminals leverage technology and stolen data to launch ATO attacks at scale.
• How Deduce provides Behavioral Intelligence at Scale that’s matched only by MAAMA companies.
• How Deduce Identity Insights can help detect sophisticated ATO attempts.

See how the award-winning Deduce Identity Insights platform provides Behavioral Intelligence at Scale to streamline trusted user authentication and prevent fraud.