How analytics and AI uncover the real challenge – synthetic identities
In the digital world, it’s easy to be a “hologram customer.” Create an identity, use it to steadily build history and trust, make a request for the maximum cash advance on a high-limit card - then disappear into thin air. Organizations are seeing a rise in this kind of disappearing act for several reasons:
- The majority of account openings now occur online, providing the access and anonymity needed for fraudsters
- Abundant personal data is available for fraudsters to exploit due to data breaches
- The increased pressure to now render real-time descisions on loan applications due to competition shortens the time available for proper due diligence on the customer
Read this whitepaper to find out how AI can uncover these synthetic identities.