Financial fraud is growing faster and more sophisticated, making smart defense crucial for today’s organizations.
Still, as the world grows ever more digital, so too do consumers’ and corporations’ identities, as well as the authentication controls around them.
This transition period has provided bad actors with a wealth of opportunities to combine real, stolen credentials with fabricated personally identifiable information to create new identities for committing financial fraud.
“We continue to see a hockey stick increase in digital identity information being compromised and used for synthetic identity fraud, account takeover fraud and other types of digital identity abuse,” Erika Dietrich, head of risk services for payments systems company ACI Worldwide, told PYMNTS.