AI speeds synthetic identity fraud, enabling human-like interactions

Fake identities are driving a boom in financial fraud. A new study has shown that fraud involving AI-generated identities has risen 17 percent over the past two years, while more than two-thirds (76 percent) of financial professionals believe that their companies have approved customers using synthetic identities.

The research also reveals that 87 percent of experts anticipate the problem worsening before an effective solution is found. The survey interviewed 500 fraud and risk professionals with a minimum seniority of manager …

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