Synthetic Fraud Is The Largest Open Risk Issue In The U.S.

SentiLink Co-founder and CEO, Naftali Harris, was interviewed this week by Ronald Praetsch of About-Fraud to discuss the problem of synthetic fraud and how SentiLink’s solutions help banks and lenders defend against it.

Naftali shared how synthetic fraud has grown exponentially in the past several years and estimates it costs banks and lenders $2B — $3B annually in losses.

But, losses are just one side of the story. According to Naftali, “synthetic identities enable all sorts of financial crime including money laundering, drug trafficking and other illicit activities.”

SentiLink’s solutions to identity synthetic fraud are used by financial institutions of all sizes across many verticals including deposits, credit cards, auto loans, personal loans and similar products.

“Our solutions are available in real-time API or in batch. We’ll even share raw data if you want to incorporate the identity attributes into your own models,” according to Naftali.

For full details about the above and more, check out the interview here.