Right now, somewhere out there, a synthetic identity is being created – convincing enough to get past a background check, open a bank account, or even get a loan. This is not just a fictional scenario; it’s a daily occurrence. The latest Federal Trade Commission (FTC) reports revealed that U.S. consumer fraud complaints amounted to over $12.5 billion in losses in 2024, an astounding 25% increase from the year prior. As artificial intelligence makes it easier than ever to falsify identities at scale, financial institutions confront a fresh and accelerated challenge where their prior understanding of identity verification is no longer sufficient.
Read more in Cyber Defense Magazine.
