Research Report
Expand Details
Synthetic identity fraud’s growth is accelerating and financial services and fintech companies are struggling in their efforts to control the threat, to great consequences. A survey of 500 U.S. fraud and risk professionals with a minimum seniority of manager reveals that for half, their company’s synthetic fraud prevention is at best only somewhat effective. And the ramifications of having inadequate protection is severe:
- 87% of companies have extended credit to synthetic customers
- 20% estimate average loss per incident is from $50K to $100K
- 23% put it at more than $100k per incident
In this report, we detail the prevalence of synthetic fraud, fraudsters’ behaviors, the impact of companies, and their preparedness for evolving threats.
About Deduce
Deduce detects stolen and synthetic AI-driven identities that fool legacy identity-fraud security solutions and damage trust. Deduce unmasks these identities using patented technology and the largest purpose-built, activity-backed identity graph, which sees 185M+ identities more than three times every week, generating 1.5B+ authenticated online events per day across 150,000+ websites and apps. Deduce Identity Graph data drives real-time multicontextual digital forensics to protect new account opening workflows, expose “sleeper” stolen and synthetic identities that are already in customer databases, reduce friction and false positives in onboarding, reduce onboarding operational costs, and improve customer acquisition KPIs.
Deduce awards include Tech of the Future – Fighting Fraud at the 2024 Banking Tech Awards USA, the #1 Security spot in Fast Company’s World’s 50 Most Innovative Companies 2022, and the 2022 CISO Choice Award for Fraud Prevention. Learn more about the AI-driven identity fraud threat and Deduce’s solution at deduce.com.