Synthetic identity fraud is the fastest-growing financial crime, driven in part by lending moving online. It is also one of the hardest to detect. Instead of outright stealing an identity, a criminal makes one up in what is called a “Frankenstein” identity.
With accelerated automation, diminishing human contact and instances of newer ‘innovative’ fraud schemes, there is a clear and present need to re-imagine how financial crime risk can be managed, without impacting customer experience, across the banking enterprise.
Given the increasing variety and sophistication of fraud attempts, banks need a robust Enterprise Fraud Risk Management System to combat the menace. Here’s a helpful ready reckoner on the key must-haves for a superior EFRM system.
Fraud threats have been growing both in sophistication and scope, compelling credit unions to determine where and how to deploy resources, even as they manage their daily operational challenges. What more can credit unions do to protect themselves from fraud?