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What every FI needs to know about combating synthetic identity fraud

Synthetic identity fraud is a destructive problem for financial institutions that results when criminals fabricate identities to establish new accounts or lines of credit. Now recognized as the fastest growing type of financial crime, synthetic identity fraud also has become an increasing concern for regulators as confirmations emerge that synthetic identities proliferated money laundering schemes related to pandemic-era relief.

Financial institutions need to invest in technology to identify synthetic identities at the time of application. In this discussion with three of the industry’s preeminent experts on synthetic identity fraud, we move beyond the basics and delve into a deep analysis around how to detect and solve for this elusive type of fraud.

The conversation includes a review of the results of a new Aite Group report, Synthetic Identity Fraud: Diabolical Charge-Offs on the Rise, which examines synthetic identity fraud’s impact on the U.S. unsecured credit market. It was informed by a survey of 46 North American fraud experts.
Recorded Jul 19 2021 57 mins
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Presented by
Pablo Abreu (Socure) , Dr. Stephen Coggeshall (ID Analytics), Trace Foushee (Aite Group)
Presentation preview: What every FI needs to know about combating synthetic identity fraud

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  • What every FI needs to know about combating synthetic identity fraud Recorded: Jul 19 2021 57 mins
    Pablo Abreu (Socure) , Dr. Stephen Coggeshall (ID Analytics), Trace Foushee (Aite Group)
    Synthetic identity fraud is a destructive problem for financial institutions that results when criminals fabricate identities to establish new accounts or lines of credit. Now recognized as the fastest growing type of financial crime, synthetic identity fraud also has become an increasing concern for regulators as confirmations emerge that synthetic identities proliferated money laundering schemes related to pandemic-era relief.

    Financial institutions need to invest in technology to identify synthetic identities at the time of application. In this discussion with three of the industry’s preeminent experts on synthetic identity fraud, we move beyond the basics and delve into a deep analysis around how to detect and solve for this elusive type of fraud.

    The conversation includes a review of the results of a new Aite Group report, Synthetic Identity Fraud: Diabolical Charge-Offs on the Rise, which examines synthetic identity fraud’s impact on the U.S. unsecured credit market. It was informed by a survey of 46 North American fraud experts.
  • Reimagining Digital Fraud Strategies for a Post-Pandemic World Recorded: May 19 2021 57 mins
    Pablo Abreu (Socure) , Julie Conroy (AITE Group), Kathryn Van Nuys (AWS)
    According to a new report by research analyst firm, Aite Group, losses from identity theft cases increased to US$712.4 billion in 2020, a 42% increase year-over-year. That significant rise in identity fraud has businesses with a digital footprint taking another look at how they add new customers and reduce fraud losses while maintaining a frictionless customer experience.

    Join us for an exclusive, complimentary webinar with industry experts from Aite Group, AWS, and Socure as we discuss fraud trends during a pandemic including real-world experiences from the front lines on the impact on consumers and the fintechs and financial institutions that serve them. Our speakers will share new fraud research and guidance on meeting the challenges of growing safely at scale, keeping up with evolving customer demands, and driving operational efficiencies while harnessing a historic acceleration into digital transformation.

    If you onboard customers online and wonder if your current identity verification and fraud practices are sufficient, this is a “don’t miss” event.
  • Best Practices for Document Verification Recorded: Mar 25 2021 14 mins
    Erick Soto
    Socure works with customers to assess their risk tolerance for every use case across their product lines and then recommends document verification (DocV) when needed, as a step-up method or otherwise. With the addition of DocV, there exists less of a need for companies to leverage multiple vendors for KYC/CIP and fraud decisioning workflows, which drive up costs and reduce efficiency and accuracy.

    In this webinar presentation, we discuss:

    1. Best practices for document verification as a top of funnel or as a step-up solution
    2. How to mitigate fraud without sacrificing customer experience
    3. Document verification as part of a holistic approach to identity verification
  • Top 7 Fraud Trends: 2021 and Beyond Recorded: Mar 18 2021 41 mins
    Johnny Ayers, CEO & Founder (Socure), Kevin Gosschalk, CEO & Founder (Arkose Labs)
    2021 promises to be a pivotal year in the battle between fraud perpetrators and fraud fighters – with both sides having honed their skills in the digital boon of the pandemic.

    In this webinar, Kevin Gosschalk, CEO & Founder of Arkose Labs and Johnny Ayers, CEO & Founder of Socure give their 2021 fraud predictions and debate the top 7 trends for the year ahead. They also discuss top emerging attack vectors, areas of weaknesses for businesses, and the most exciting innovations in fraud prevention on the horizon.

    Additional topics covered include:
    - How the frequency and severity of fraud will change
    - Anticipated changes in automated and human fraud
    - Fraud prevention trends in gaming, fintech, eCommerce, and more
  • Best Practices for Document Verification Recorded: Mar 1 2021 15 mins
    Erick Soto
    Socure works with customers to assess their risk tolerance for every use case across their product lines and then recommends document verification (DocV) when needed, as a step-up method or otherwise. With the addition of DocV, there exists less of a need for companies to leverage multiple vendors for KYC/CIP and fraud decisioning workflows, which drive up costs and reduce efficiency and accuracy.

    In this webinar presentation, we discuss:

    1. Best practices for document verification as a top of funnel or as a step-up solution
    2. How to mitigate fraud without sacrificing customer experience
    3. Document verification as part of a holistic approach to identity verification
  • Socure DocV: The Scalable Document Verification Solution Recorded: Jan 27 2021 32 mins
    Dale Daguro | Senior Solutions Consultant, Socure
    Socure's DocV is the most scalable, accurate document verification service available and applies advanced analytics and layers on data to quickly confirm the authenticity of any identity document in circulation—including more than 3,500 identification types globally.

    Built to minimize customer friction, it is also client friendly with easy implementation as a standalone product or as part of Socure ID+, a fully integrated identity fraud and compliance platform. DocV accelerates revenue growth and reduces identity fraud by quickly and accurately assessing the validity of good users for a broad range of industry verticals and use cases.

    During the demo, you’ll see:

    1. How document verification can be painless for the end-user with document and facial scan assistive features.

    2. Socure’s unique ability to receive correlative scores on the physical ID related to other elements of identity (ex. phone, email, device), and apply liveness for additional security.

    3. Where businesses can easily implement custom configurations for age and expiration criteria as well as on-the-fly settings for specific use cases, degree of risk tolerance, or on a per-transaction basis.
  • Top 7 Fraud Trends: 2021 and Beyond Recorded: Dec 15 2020 42 mins
    Johnny Ayers, CEO & Founder (Socure), Kevin Gosschalk, CEO & Founder (Arkose Labs)
    2021 promises to be a pivotal year in the battle between fraud perpetrators and fraud fighters – with both sides having honed their skills in the digital boon of the pandemic.

    In this webinar, Kevin Gosschalk, CEO & Founder of Arkose Labs and Johnny Ayers, CEO & Founder of Socure give their 2021 fraud predictions and debate the top 7 trends for the year ahead. They also discuss top emerging attack vectors, areas of weaknesses for businesses, and the most exciting innovations in fraud prevention on the horizon.

    Additional topics covered include:
    - How the frequency and severity of fraud will change
    - Anticipated changes in automated and human fraud
    - Fraud prevention trends in gaming, fintech, eCommerce, and more
  • Banking & Payments: Balancing Growth with Security Recorded: Nov 11 2020 61 mins
    Elena Kozhemyakina | Ian Mitchell, PWC | Maya Parbhoe, Ourox | David Liu, Socure
    If you facilitate, send, or accept payments digitally, security should top of mind. Fraud is prevalent, threats evolve, and regulatory compliance is cumbersome yet necessary. Despite these challenges, a digital presence is a critical source of growth, with purchases expected to double from $4.4 in 2020 to $8.2 trillion in 2024. So, understanding how to balance growth with security is central to your future.

    This episode of Driving Fintech Forward will bring thought leaders together to discuss:
    - Using AI and Machine Learning to identify fraud
    - How cyberattacks are evolving and how to mitigate them
    - Tools available to make regulatory compliance simpler
    - How companies can learn & grow to more cyber aware

    Moderated by:
    Elena Kozhemyakina, Founder, Fintech4Funds, London Partner, Fintech Connector

    Panelists:
    Ian Mitchell, Head of Financial Services Fraud Management, PWC
    Maya Parbhoe, CEO, Ourox
    David Liu, VP, Fraud, Socure
Digital Identity Verification
Socure helps hundreds of companies ensure customer trust at Day Zero and unlock rapid acquisition growth across channels.

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  • Title: What every FI needs to know about combating synthetic identity fraud
  • Live at: Jul 19 2021 6:10 pm
  • Presented by: Pablo Abreu (Socure) , Dr. Stephen Coggeshall (ID Analytics), Trace Foushee (Aite Group)
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