Artificial Intelligence & Machine Learning , Fraud Management & Cybercrime , Fraud Risk Management

Synthetic ID Fraud: Risk Mitigation Strategies

Meridian Credit Union's Saif Nawaz on Using New Technologies
Saif Nawaz, director, fraud management and corporate security at Meridian Credit Union

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.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including 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, such as DNA and Times of India.

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