Synthetic ID Fraud: Risk Mitigation StrategiesMeridian Credit Union's Saif Nawaz on Using New Technologies
As synthetic ID fraud in the financial services sector continues to rise next year, organizations must use new technologies to mitigate the risks, says Saif Nawaz of Meridian Credit Union in Canada.
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“Real-time behavioral profiles using machine learning that interprets behaviors of individuals’ accounts as well as merchants' devices will be really important,” Nawaz says in a video interview with Information Security Media Group. “Analytics tools will play a crucial role too.”
In this interview, Nawaz also discusses:
- The fraud trends to expect in 2021;
- Why synthetic ID fraud will rise;
- Technologies to tackle synthetic ID fraud.
Nawaz is the director of fraud management and corporate security for Meridian Credit Union in Toronto, Ontario, Canada. With over two decades experience in fraud management at global financial institutions, including TD, RBC, Ally Bank and GE, Nawaz brings a breadth of expertise fighting fraud within retail and business banking.