New research reveals that instances of synthetic fraud and outstanding credit balances on suspected synthetic accounts at U.S. financial institutions have fallen significantly since the COVID-19 emerged last March. The bad news, however, is that the cost of synthetic fraud could rebound to reach new highs post pandemic. "These folks are getting more and more sophisticated," Julie Conroy, research director at Aite Group, said in an interview with The Green Sheet. Synthetic fraud is difficult to detect. In fact, most companies don’t realize the full extent of their exposure, because synthetic attacks are often written off as credit losses, Aite noted in a new report, Synthetic identity fraud: diabolical charge-offs on the rise.
Experts from government and private sectors convened virtually in February to discuss advances in identity verification technologies and strategy. Hosted by the FIDO Alliance, Better Identity Coalition and ID Theft Resource Center, the event drew participants from the Biden administration, U.S. Department of Treasury, Small Business Administration and technology providers. In light of increases in identity verification fraud, experts discussed strategies for mitigating attacks and leveraging IDV technology to improve access to digital services. Use cases can be found at < a href='fidoalliance.org/fido-government-deployments-and-recognitions/' target="blank">fidoalliance.org/fido-government-deployments-and-recognitions/.
NYC Fintech Women launched Talk of Her Town, a globe-spanning podcast series that celebrates women in fintech. Moderated by Nicole Newlin, vice president of solutions at Ocrolus and board member and events chair at NYC Fintech Women, the series highlights the personal journeys of individual members who are reshaping financial services and commerce. "With over 5,000 NYC Fintech Women members, we had access to a vast pool of women building careers and navigating the world of startups and tech, all with inspiring stories to share," Newlin said. "Our mission is to connect, empower and promote women in their professional advancement in fintech."
The Northeast Acquirers Association will not host its annual conference in Philadelphia from April 6 to 8, 2021, as originally planned. NEAA board members cited health and safety concerns due to the ongoing pandemic as key considerations. "Canceling our annual conference this year was a tough decision, but we felt it was the only responsible decision to protect the health and wellness of our supporters and attendees," said Jenn Reichenbacher, NEAA board member and senior vice president, marketing, payment processing at Paysafe Group. "We’d love to potentially host a smaller one-day or half-day event later in the year, but time will tell if that will be possible." Jim Fink, NEAA board member and director, strategic relationships at Rapid Finance, stated, "We will continue to work on our 2022 event and make that one the best in our 35-plus year history."
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