Synthetic identity fraud is now the fastest growing financial crime in the U.S., and fraudsters are capitalizing on existing blind spots with traditional fraud risk models – so much so that 50% of financial services fraud executives cite it as a top concern according to research by Datos Insights. Loss and fraud leaders at financial institutions (FIs), businesses and government entities must ensure the digital application processes they have in place can better detect misrepresented and synthetic identities and predict the likelihood of first-party account abuse and returned items.
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