Twenty financial institutions are collaborating to identify how machine learning can be used to detect synthetic ID fraud, says Greg Woolf, CEO at the security firm FiVerity.
The Federal Reserve bank has been trying to educate the community on this and has published three white papers on this type of fraud and has mentioned how machine learning can be used as a potential solution,” Woolf says.
Regulators are also considering issuing regulatory changes as well as devising updated definitions of synthetic ID and money laundering fraud, he adds.
In this video interview with Information Security Media Group, Woolf discusses:
How to leverage machine learning to fight synthetic ID fraud;
Why the federal government is emphasizing the importance of tracking synthetic ID fraud.
Potential changes to regulations.
Woolf is founder and CEO of FiVerity Inc. He has more than 20 years of experience running FinTech companies. He founded the Boston AI Think Tank. He has advised the U.S. Congress on how AI can improve financial crime detection.
Suparna Goswami is Associate Editor at ISMG Asia and has more than 10 years of experience in the field of journalism. She has covered a variety of beats ranging from global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine, and leading Indian newspapers like DNA and Times of India.