Independent Banker - June 2020 - 25

McKinsey and Company in New
York City reports synthetic identity
fraud is the fastest-growing type of
fraud in the U.S. " New account fraud, "
in which fraudsters open accounts
under false pretenses using personally
identifiable information, rose an estimated
70% between 2017 and 2018.
In addition, synthetic ID fraud alone
" We're trying to
bring in things like
first-party fraud
and see if it ties
to fraud in other
channels. "
-Frank Bentz,
Sandy Spring Bank
accounts for 80% of all credit card
fraud losses, with charge-offs in this
area expected to grow to 40% by 2021.
So, what can a community bank do
to stop its rise and impact?
3 ways to fight first-party fraud
Collect and review key data.
McKinsey studied first-party card
fraud and identified 150 data markers
that real people have online, from
social media accounts and email
addresses to physical addresses. These
markers helped researchers to categorize
various account applicants as
having a higher or lower risk of being a
synthetic ID and to better guide financial
institutions on who warranted
additional scrutiny. The research
found that knowing applicants better
makes a difference.
" The approach we proposed was not
using this to decline new applicants,
1
i
Protect your community bank
ICBA's Cyber and Data Security Guide, an exclusive benefit for ICBA
members, equips community banks with resources they can use to
mitigate risk. Check out the guide at icba.org/cybersecurityguide
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Independent Banker - June 2020

Table of Contents for the Digital Edition of Independent Banker - June 2020

Table of Contents
Independent Banker - June 2020 - Intro
Independent Banker - June 2020 - Cover1
Independent Banker - June 2020 - Cover2
Independent Banker - June 2020 - Table of Contents
Independent Banker - June 2020 - 2
Independent Banker - June 2020 - 3
Independent Banker - June 2020 - 4
Independent Banker - June 2020 - 5
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Independent Banker - June 2020 - Cover3
Independent Banker - June 2020 - Cover4
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https://www.nxtbook.com/mspc/independentbanker/december2020
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https://www.nxtbook.com/mspc/independentbanker/december2017
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https://www.nxtbook.com/mspc/independentbanker/october2017
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https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
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