Synthetic identity fraud has emerged as one of the most insidious challenges facing the financial sector, with its stealthy nature and devastating financial impact making it a top concern for banks worldwide. According to a recent report by Juniper Research, this form of fraud, which involves the creation of fictitious identities using a blend of real and fabricated personal information, is projected to cause significant losses, potentially reaching $23 billion by 2030.
As fraudsters leverage advanced technologies like generative AI, the banking industry must urgently adapt to counter this rapidly evolving threat.
Unlike traditional identity theft, where a real person’s identity is stolen, synthetic identity fraud involves crafting entirely new personas.
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