A Perfect Storm for Fraud
A volatile economy, a pandemic-era shift to online loan applications and the convergence of fraudulent theft with cyber attacks have created a perfect storm for fraudsters. Join the Federal Reserve Bank, DCU and FiVerity in this on-demand webinar on navigating the surge in cyber fraud.
Watch the On-Demand Webinar
Financial institutions are already burdened with identifying fraud and keeping up with the changing landscape that fraudsters create. The global pandemic has exacerbated the conditions that allow cyber crimes like synthetic identity fraud to thrive:
- Reduced interest rates mean banks are swamped with new loan applications
- Economic slowdown spurs 75 - 100% increase in financial fraud
- Remote working means most loan apps are now online, making them subject to synthetic identity risk
Digital banking has created openings for criminals, and lenders must fight back to win. Watch the on-demand webinar for the tools your organization needs to withstand cyber fraud attacks.
"I've been in front of probably a thousand financial institutions in the last year, and I'd say only 15% to 20% really understand what synthetic identity fraud is. The scariest part is that the medium and smaller financial institutions don't believe it will happen to them. They believe they know their customer, but these synthetics look like good customers."
EVP, Secure Payments & Fintech
Federal Reserve Bank of Boston
“With interest rates near zero, banks are seeing a massive uptick in loan applications. Economic uncertainty is driving an increase in white collar crimes. Finally, the pandemic is pushing a tremendous amount of banking activity online. The trifecta of these factors is creating a potential crisis in fraud right now.”
Greg Woolf, CEO of FiVerity
Jim CunhaEVP, Secure Payments & Fintech
Justin DavisFraud & BSA Manager
Greg WoolfFounder & CEO