Synthetic identity fraud fastest growing financial crime in U.S.
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Financial sector security was analyzed in a recent Deloitte report. According to the report, synthetic identity fraud could trigger need for more sophisticated biometric security systems.
Synthetic identity fraud is the fastest growing financial crime in the United States, according to the report, and it shows no sign of abating. Developing technology such as artificial intelligence has made it easier for cybercriminals to create more believable scams. Creating false written or audio messages to bypass various security measures and access banking or account information.
The new data largely consist of novel types and forms of data such as satellite images, social media posts, geolocation data, credit card transactions and mobile application data that are starkly different from the traditionally structured financial data.
Read the full report here.
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