Mitigating Application Fraud from Synthetic Identities 

 

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New-account fraud more than doubled from 2014 to 2015, and seven million individuals had their Social Security Numbers breached in 2015, an increase of more than 63% from the year before.  The shift to EMV in the U.S. is changing the nature of fraud as fraudsters move from point-of-sale fraud  to card-not-present fraud.  This requires a new approach to fraud protection. 

The latest study from Javelin explores the challenges that FIs and issuers face against a rising tide of application fraud and how the sharing of intelligence offers long-awaited hope in detecting the synthetic identities that make it possible. 

New account fraud is a rapidly growing problem.  To learn more about the rise in application fraud and how to mitigate risk, download the whitepaper now.