Fraud Management & Cybercrime , Fraud Risk Management , ID Fraud

Synthetics, Mule Accounts Will Still Pose Threats in 2024

Synthetic IDs and mule accounts will continue to be a huge problem in 2024 even though vendors and financial institutions now recognize the problem and are beginning to address these risks, according to Trace Fooshee, strategic adviser at Datos Insights.

See Also: The Rising Threat of Fake Business Accounts

"I don't think it's getting the right attention," Fooshee said. "I am encouraged by the increase in attention it is getting, but I think so long as there's a lack of incentives to address them more directly, they'll persist as a problem. And so long as they persist as a problem, fraud will continue to grow."

But hope is on the horizon, he added, due to "some emerging techniques for modeling that are made possible not just by the innovative methods but also by the innovations made possible by the cloud and by the enormous expansion of compute power."

In this video interview with Information Security Media Group, Fooshee discussed:

• The fraud trends of 2023;
• His forecast of the fraud landscape of 2024;
• New technologies to combat synthetic identity fraud.

Fooshee, who leads strategy at Datos Insights, previously headed fraud strategy at SunTrust Bank and served as a senior manager at Deloitte's transaction and business analytics unit.