Fraud Management & Cybercrime , Fraud Risk Management , ID Fraud

Mitigating the Risks Posed by Synthetic IDs

A Fraud Manager Describes the Roles of Artificial Intelligence, Machine Learning
Justin Davis, fraud manager at Digital Federal Credit Union

Artificial intelligence and machine learning offer the best hope for addressing the risks posed by synthetic identities, says Justin Davis, fraud manager at Digital Federal Credit Union.

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"Synthetic IDs on the surface look great. If you look at only surface-level scores as credit unions have always done in the past, you will get burned every time," Davis says. "Once you start looking at the underlying data, red flags will pop up. The use of AI and ML really starts to help because you are able to leverage everything together."

In this video interview with Information Security Media Group, Davis also discusses:

  • Why synthetic IDs are a big problem for credit unions;
  • How synthetic IDs are used for movement of money;
  • The technologies to mitigate synthetic IDs fraud risks.

Davis, fraud and BSA manager at Digital Federal Credit Union located in the Boston area, writes the "Perpetual Chess" blog dedicated to financial crime. He built and implemented a fraud prevention program at the credit union as well as a Fortune 500 company.


About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

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.




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