Nearly half of global organizations have experienced synthetic identity fraud in the past twelve months, and 92% of financial institutions perceive it as a real threat to their business, according to research from MasterCard. Synthetic identity fraud is costing organizations billions of dollars every year, and what makes it even more challenging is that it’s so hard to detect that it is likely to be highly underreported. This leaves identity professionals in financial services on the front lines fighting a sophisticated, rapidly evolving, and largely invisible war against fraud.
Hear from leading financial services and identity experts, including:
- Nikhil Kamdar, Vice President – Global Solution Consultancy, iProov
- Daniel Molina, Vice President, iProov
Drawing on real-world examples, they’ll delve into fraudsters’ cunning methods. Learn how they weave stolen credentials with manufactured information often using generative AI to create fictitious personas. We’ll also show you how they expose the vulnerabilities in traditional verification methods, such as knowledge-based authentication (KBA), that leave them susceptible to manipulation.
But there’s a powerful weapon in your identity verification arsenal: facial biometrics. This session explores how solutions with advanced liveness detection are able to confirm a user’s genuine presence during the onboarding process. This ensures the person behind the account application is the right person, the real person, and is authenticating right now, not a fabricated identity created by criminals.
Key takeaways:
- Gain a comprehensive understanding of synthetic identity fraud tactics and their growing impact on financial institutions.
- Identify vulnerabilities in traditional verification methods against synthetic identities.
- Explore how facial biometric identity verification, with anti-spoofing technology like iProov’s Dynamic Liveness, strengthens your defenses.
- Learn best practices for implementing a secure and user-friendly biometric verification system within your financial institution.
Don’t let synthetic fraud erode your security. Register today and empower yourself with the knowledge to secure your digital onboarding process.