AI Advances Fuel Rise in Synthetic Identity Fraud Targeting Banks and Consumers

Growing use of AI by scammers to manufacture fake online identities and dupe financial institutions

AI tools allow criminals to quickly scrape data and impersonate real people more easily

Can create more fake accounts faster to steal money from banks and loan servicers

Tracing money movement is one way financial firms try to detect synthetic fraud

Victims often unaware of dangers; security services racing to keep up with new AI-powered tactics