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Alex Tonello
Prevent fraud and accelerate growth with digital risk intelligence
Alex Tonello is a senior leader and people manager with over 15 years of experience in business development, partnerships, product, and propositions. He is an expert negotiator, networker, and deal-maker comfortable in navigating complex matrix organizations locally and internationally within FTSE and Nasdaq companies. Alex holds an MBA from a top FT-ranked business school.
His specialties include business strategy, market development, innovation management, partnerships, digital integration, online advertising, digital media, planning and strategy, emerging technology, multi-channel marketing, social media, programmatic advertising, data and analytics, adtech, data onboarding, CRM, and traditional media.
Highlights
#SyntheticIdentity Fraud has been a growing issue known to the industry for quite some time. A few months ago, I had the chance to contribute some insights to the discussion for Global Banking & Finance Review: https://lnkd.in/d44PRisp
Now, a recent report from TransUnion (available here: https://lnkd.in/dbCgtBft) has shed new light on the topic. In case you missed it, here are some key #takeaways worth noting:
💡 Synthetic identity fraud is the fastest-growing form of fraud (see stats below) and it's now growing across verticals, particularly in the #publicsector.
💡While major markets like the US are heavily impacted, synthetic identity fraud is a truly global issue.
💡Fraudsters are increasingly able to obtain real pieces of identities and mix them with fabricated data. The bigger concern is that these fraud techniques are becoming 'normalized' and shared among newly-born fraudsters
To detect this type of fraud, organizations need to enhance their fraud prevention systems. This requires running multiple, parallel checks on top of traditional document-based ID verification. At Trustfull, recent client research has shown that complementing traditional checks with alternative digital signals can result in an uplift of at least 30% of synthetic accounts being detected.
👇 The bottom line: while fraudsters can steal real IDs and other real data, it's incredibly challenging for them to quickly and consistently recreate historical digital presence. And this is exactly what we are able to detect and why fraud teams choose to work with Trustfull to tackle this challenge.
Reach out if you'd like to find out more!
#FraudPrevention #SyntheticIdentityFraud #CyberSecurity #Trustfull
Reports from Biometric Update show ebbing faith in banks that ignore AI fraud threat
👉 75% of customers believe their bank is ultimately responsible for protecting against #cybercrime (Jumio Corporation)
👉 72% of customers worry daily about #deepfake scams (Jumio Corporation)
👉 45% of companies are concerned about #generativeAI creating sophisticated synthetic identities (IDology)
👉 Face swap injection attacks saw a 704% increase between the first and second halves of 2023 (iProov)
Businesses worldwide lose an estimated 5% of their annual revenues to fraud. (Association of Certified Fraud Examiners (ACFE))Statistics like these, gathered by Biometric Update in one of their latest articles (here https://lnkd.in/ddTGDxby), point in one direction: to fight AI-driven identity fraud, we need AI-driven fraud prevention tools. The article also covers the global launch of Trustfull's Silent Onboarding.
Silent Onboarding harnesses hundreds of digital signals on users' phone, email and IP address to pre-screen customers at sign-up and assign a digital risk score in real-time. Silent Onboarding was designed as a powerful shield against synthetic identity fraud that does not interfere with the user experience. To learn more, please get in touch or read the full announcement here https://lnkd.in/dC5jVV3b
