Security News > 2020 > June > Jumio and AAMVA help organizations better detect new account and synthetic fraud attempts

These new data services, when coupled with Jumio's identity verification solutions, deliver powerful fraud signals that help organizations better detect new account and synthetic fraud attempts.

New account fraud is becoming one of the biggest problems in the digital banking era, costing the financial services industry billions each year.

Synthetic identity fraud is one the fastest-growing - and hardest-to-detect - forms of identity theft in the U.S., according to the Federal Trade Commission, and is responsible for up to 20% of credit losses and costs lenders billions each year.

Given the sharp rise in fraud in 2020, organizations must keep pace with technology and exploit the tools and data that can detect and deter sophisticated fraud tactics.

The combination of identity verification and these additional fraud signals help banks and financial institutions corroborate digital identities with a high level of assurance and more effectively combat financial crime.

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