Video
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05 September 2024
Data point: AI tools could help mitigate synthetic identity theft
Generative AI may supercharge identity fraud, but it also offers tools to fight back. Biometrics and behavioral cues can be powerful weapons in the fraud-fighter’s arsenal.
Synthetic identity fraud—when new identities are created with stolen or fabricated data—is the fastest-growing financial crime in the United States, and it shows no sign of abating. Advancements in generative AI are making it easier to produce images and videos in someone else’s likeness—whether they may be real or imaginary. Analysis from Deloitte’s Center for Financial Services predicts at least US$23 billion in losses by 2030. But advanced biometric security systems could weed out would-be perpetrators, with both physical and behavioral biometrics systems providing overlapping lines of defense.
