Mitigating Application Fraud from Synthetic Identities
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.