Ekata - Strategies to Predict and Combat the Increasing Threat of Synthetic Identity Fraud
Common Sense Virtual Roundtable:

Strategies to Predict and Combat
the Increasing Threat of Synthetic Identity Fraud

March 23rd 2023, 10 AM – 11 AM CT, Successfully Held

Presented by

Ekata (2023)

Here’s what we discussed:

It is more important than ever for financial institutions to stay vigilant in their efforts to predict and combat fraud.

With war in Ukraine, continued inflation, and the potential of a recession still looming, the economic outlook is murky at best. And we know that during times of economic uncertainty, individuals and organizations are more likely to engage in fraudulent activities for three primary reasons: increased financial pressure, increased opportunity, and increased rationalization that it’s OK to commit fraud. In fact, online fraud increased by 87.5% in the 12 months following the start of the Great Recession.

Identity theft is already on the rise. A record 49.1 million Americans were victims of identity-related fraud in 2021 (the most recent data available), which is a 113% increase over the previous year. And even the most sophisticated organizations are not immune – Apple, Meta, Twitter, and even the password vault LastPass have all disclosed cybersecurity attacks in the past 12 months.
The theft and sale of stolen identities fuels synthetic identity fraud, in which fraudsters create a new identity using a combination of real and fake information, often involving the SSN of a child or senior. The Federal Reserve calls this the fastest-growing financial crime, and the Aite Group expects synthetic identity fraud losses to cost lenders $2.42 billion this year.
In this peer-driven executive roundtable, participants received insights and discussion about:
  • New and growing threat vectors
  • Why fraudsters continue to perpetrate synthetic ID fraud, and the impacts to financial institutions and fintechs
  • How to safeguard your operations from the growing threat of synthetic ID fraud

Solution Expert

Ian Li
Director of Financial Services & Payments at Ekata

Ian Li is a Director of Financial Services & Payments at Ekata. In his role, Ian works directly with Ekata’s largest customers across banking and fintech to help them leverage Ekata’s data to improve their onboarding processes and reduce risk and fraud. Ekata, a Mastercard company, currently has over 2,000 customers globally, including companies like Experian, Klarna, Coinmama, and many more.

LinkedIn

Participation in the Virtual Roundtable is free of charge to qualified attendees. Once you’ve completed the registration, we’ll confirm your invitation and send you a calendar invite with a link to the meeting.

If you don’t qualify, we’ll suggest other learning events that may be a better fit for you.

Talk To Us About Attending Future Events

    By submitting this form I agree to be contacted by Common Sense Conferences and the sponsor(s) of this event with relevant information and updates.

    This site is protected by Invisible reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    Here’s what attendees at past events have said:

    Other active events