The Future Of Fraud

There are many amazing practical applications of AI and machine learning here now and on the horizon. But that doesn't mean every use is good or applied with good intent. The fastest growing type of financial crime in the United States is synthetic identity fraud - when a fraudster uses a combination of real and fake information to create an entirely new identity. This progressive uptick in synthetic identity fraud is likely due to multiple factors such as data breaches, dark web data access, and the competitive lending landscape. In Experian's recent Future of Fraud Forecast, they are predicting that these fraudsters will start to use fake faces for biometric verification, which is the first of five new threats they detail for 2021.