Credit card and bank account fraud have soared during the pandemic, with fraudsters intercepting consumer data via retail and banking disruptions and worsening synthetic ID fraud.
Lenders say synthetic ID fraud risk will be their top area of concern for the next two years, according to a new study by Aite Group, with nearly three-quarters of institutions ranking it as a top challenge.
The broad shift to digital payments and remote working trends created new security gaps that fraudsters quickly exploited for synthetic ID fraud, which was already a serious problem before the pandemic, according to Yuval Marco, general manager of fraud and authentication at Nice Actimize, which sells financial crime-fighting solutions.