Financial fraud is exploding, fueled by cheap and easy generative AI tools

If biometrics and digital identity providers seem hyperbolic about the risk of fraud and the importance of data security, consider these numbers from TransUnion’s 2024 State of Omnichannel Fraud Report, released today: from 2020 to 2023, data breaches in the U.S. increased by 157 percent, and one in seven newly created digital accounts are suspected to be fraudulent, with $3.1 billion left exposed to synthetic ID fraud attacks.

Showing a 14 percent jump year-to-year, synthetic identity fraud and fabricated …

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