Early Warning®’s Post

Synthetic identity fraud has seen a sharp increase in recent years with losses expected to surpass $23 billion by 2030. Fraudsters are flocking to it because… 🚧 It has a low barrier to entry ⚠️ It's difficult to detect 💰 The average payoff is upwards of $81,000 Without the right tools, it’s uniquely hard to catch. Criminals act like regular consumers and don’t raise red flags — until it’s too late. 💡 Explore our most recent guide for three great ways to prevent losses from synthetic identity fraud. https://bit.ly/3yBKmFl

Your reputation as a “CPN friendly” community happens as soon as that first fraudster gets in. Because once they’re in; they tell all their buddies. And the person who sold or created the CPN for them, tells all their clients. And now all of a sudden there’s an influx of fraudulent applications because once they’ve gotten one person in, they know they can get more approved. This is why it’s so important to have a dedicated identity verification system in place to detect this type of synthetic fraud. Johnny Bravo🏘 #fraud #apartments #multifamily

#SynthenticIdentity - AI-driven fraud, often using deep fakes - is far and away the biggest security threat to many enterprises, and arguably threatens a whole market of access management vendors whose solutions are rushing to keep up with the threat. So, hats off to Signicat and Consult Hyperion for their new report with Censuswide highlighting the 2000%+ increase in fraud with deep fakes (Disclosure: I was Signicat's insights manager until I started with Elisa last month). The huge survey of over 1,200 IT fraud professionals commissioned by Signicat and Consult Hyperion reveals a mixed level of understanding and preparedness among European organizations. While awareness of the threats posed by AI is high, many organizations lack the expertise, time, and budget to combat these new forms of fraud effectively. The survey shows significant increases in fraud attempts over the past three years, with AI-driven methods such as deepfakes becoming more prevalent. Despite this, many organizations have only begun to plan for or are in the early stages of implementing solutions to counteract AI-driven identity fraud. The report suggests that the best defense against AI-driven identity fraud involves a combination of technologies and approaches, including biometrics, stronger passwords, in-person interviews, and AI itself, to detect and prevent fraud. It also stresses the importance of ongoing education and the need for organizations to stay ahead of rapidly evolving threats. Signicat's platform offers various solutions for mitigating these risks, such as automated identity verification, eID hubs, and continuous identity monitoring. The report concludes by urging organizations to act swiftly to implement these measures before AI-driven fraud becomes overwhelmingly successful. Congratulations to Pinar, Dorthe Marie, Akvile, Steve and David for making the fight against the deepfake threat get the audience it needs.

Our 2024 Fraud Trends Report showed a sharp increase in synthetic identity fraud, and current data shows that it's continuing to grow. 📈 Our AutoPass™️ solution detects a much wider spectrum of fraud, helping you to shine a light on fraud, including synthetic identity. 🔦 Learn more at https://hubs.la/Q02VRyTQ0 #syntheticidentity #frauddetection #fraudprevention

Don’t let Synthetic Identity Fraud haunt you this Halloween! Synthetic identity fraud combines real and fake information, creating a fictitious profile that scammers use to deceive financial institutions, government agencies, and individuals. Often, a stolen Social Security number (SSN) is paired with fake details like a name, birthdate, and contact info, forming a "new" identity ripe for fraud. Don’t let this spooky scheme catch you off guard! Unmask synthetic identity fraudsters—learn how to protect yourself today by clicking the link below. 👻  https://lnkd.in/gw6uiG33 #KnowYourPayments #AdvancingPaymentsTogether #Fraud

Entrust's 2025 Identity Fraud Report chronicles how 2024 will be remembered as the year digital manipulation overtook the physical before showing us the trends that will dominate in 2025. This Crowdfund Insider article details everything you need to know. #Digitalonboarding #Digitalfirst #IDV #Frauddetection

Preventing frauds continue to remain top priority in combating ML. Few key takeaways: Gaining insights into the techniques employed by criminals in executing new account fraud schemes, including identity theft, synthetic identities and account takeover Recognizing the red flags and common indicators of new account fraud Sharing best practices and strategies to mitigate the risk of new account fraud, including enhanced identity verification methods, advanced fraud detection technologies and robust customer authentication protocols #financialcrimecompliance #amlcompliance

Entrust's 2025 Identity Fraud Report chronicles how 2024 will be remembered as the year digital manipulation overtook the physical before showing us the trends that will dominate in 2025. This Crowdfund Insider article details everything you need to know.

Entrust's 2025 Identity Fraud Report chronicles how 2024 will be remembered as the year digital manipulation overtook the physical before showing us the trends that will dominate in 2025. This Crowdfund Insider article details everything you need to know.