Money 20/20 Logo

Global Connect


Content Home
Home > MoneyFest > Stemming the loss of billions: Synthetic identities and the next frontier in KYC

Stemming the loss of billions: Synthetic identities and the next frontier in KYC

Synthetic fraud is a hot-button issue. According to McKinsey, synthetic identity fraud is the fastest-growing financial crime in the US, and cost lenders $6bn in 2016 according to a 2019 Federal Reserve white paper. While the financial losses are significant, synthetic identities can also be used to evade identity controls with impunity, facilitating money laundering, drug and human trafficking and terror financing. If not targeted correctly, synthetic identity fraud can negatively impact minors, immigrants and other new-to-credit applicants. Will financial institutions take action to prevent this issue, or is it up to regulators to force their hand? This panel of regulators, risk experts, and entrepreneurs will discuss whether KYC processes need to be expanded to address this increasing threat.


Naftali Harris, CEO, SentiLink

Jim Cunha, SVP, Federal Reserve Bank of Boston

Carole House, Cyber & Emerging Tech Policy Specialist, Financial Crimes Enforcement Network

Moderator: Sarah Hoisington, Sales & Marketing, SentiLink

First aired: Thursday 29th October

Once you are logged in, you can rate this session

More From Data, disruption and identification - what's next?

The firms that win are the ones that see what’s coming first or are the quickest to react to change. What’s coming over the horizon?
FIs are utilising intellectual diversity, Behavioral Economics, and edge-thinking to get a better understanding of their customers...