Synthetic ID Fraud – The Latest Updates on an Evolving Threat
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3/23/2018
When: Friday, March 23rd
1:00 - 2:00 PM ET
Where: Online, via WebEx


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Complimentary for ACFCS members, non-members $35

Presented by Turnkey Risk Solutions

In the past few years, synthetic identity fraud has gained increased recognition as a pervasive and challenging financial crime risk. Yet in spite of growing awareness, business has been brisk for identity fraudsters, and cybercrime is fueling a rise in new criminal players and changing tactics. The adoption of EMV has shifted fraudsters to card-not-present fraud and application fraud has resulted in an increase in synthetic ID fraud.

Fueled by massive data breaches and savvy criminals, synthetic identity fraud led to losses of $6 billion dollars in 2016 at banks in the US alone. Up to 20 percent of credit losses are thought to be tied to synthetic ID fraud. This fast-spreading fraud type is still difficult for institutions to detect, and can be highly profitable for the perpetrators behind it.

The losses sustained are growing and have substantial impacts on banks, payment card providers, and other financial institutions. Financial services is far from the only impacted industry - This fraud type affects healthcare, insurance, data aggregators, telecom, and government agencies as well.

In this webinar, experts on synthetic ID theft will guide attendees on the latest developments in the synthetic identity fraud space, provide real-world examples that illustrate criminal trends, and offer insights into understanding the products being targeted and risks organizations are facing today.

Attendees will learn:

  • The current state of play in the synthetic ID fraud field
  • Emerging criminal trends and typologies
  • Implications and risks for compliance professionals
  • Challenges of prevention and detection
  • Ways fraudsters stay ahead of the banks

About the Presenters

Amy Walraven, Chief Analytics Officer, Turnkey Risk Solutions

Amy has acquired extensive operational and strategic experience across the entire Customer lifecycle during the past 20 years from positions she has held with Bank of New York, MBNA America, Bank One, and J.P.Morgan Chase. Her primary focus for the majority of her career has been in identifying, assessing, targeting, and resolving Fraud and Credit Risk issues, specifically as they relate to First Party Fraud. Amy is a proficient programmer with a very strong business acumen that allows her to be able to develop, communicate, and deploy robust solutions. She has developed solutions that have pioneered advancements in the detection of Credit Bust Outs and Organized Syndicated Fraud Activity. Amy has conducted forensic analytics on the data from several major criminal cases who specialized in creating Synthetic Identities. Her background and in-depth knowledge of the characteristics and transactional patterns associated with First Party Fraud schemes has facilitated the development of solutions that precisely target these types of activities through the various points of customer engagement. She has developed and successfully implemented scoring models, as well as, clustering algorithms that detect organized fraudulent activity. These solutions have helped mitigate Identity Risk throughout the Customer lifecycle and they have been leveraged to enhance Know-Your-Customer (KYC) and Anti-Money Laundering (AML) controls.

Anissa Roney, Chief Product Development Officer

Anissa has a proven track record from multiple operational areas with line management experience across the Customer life cycle allowing her to fully grasp the Customer needs and develop applicable targeting strategies. Over the course of her 20 year financial career she has been instrumental in identifying and remediating First Party Fraud. Her responsibilities have ranged from developing, interpreting, and evaluating complex Fraud issues from the following institutions; MBNA America, Bank One and J.P.Morgan Chase. Anissa helped to pioneer one of the first check imaging systems to assist with the mitigation of payment fraud. She has led sophisticated testing strategies across multiple vendors for Identity Risk management. Anissa also has extensive experience in SAS/SQL code development and is able to communicate across analytical and operational areas for successful implementation of complex strategies. Anissa’s experience across a range of operational areas, include telesales, collections, customer service, marketing, fraud, credit, identity management; and complex analytical development.

Barbara Simcox, Director of Investigations and Training

Barbara is a former Fraud Investigator possessing over 20 years of experience with a specialized focus on First Party Fraud.  She joined Turnkey Risk Solutions as the Director of Investigations and Training in August 2014.  Prior to joining Turnkey Risk Solutions she held positions as a Fraud Investigator at JPMorgan Chase, Bank of America and MBNA America.  Ms. Simcox is a recognized subject matter expert in the financial services industry in the realm of First Party Fraud (Credit Bust Out and Synthetic Identities). She has provided Credit Bust Out and Synthetic Fraud Training at Financial Crime training events to members of the financial services industry and law enforcement. Ms. Simcox has been an integral participant in major Organized Synthetic Identity and Bust Out investigations over the past decade in the United States. During her career as a fraud investigator she was recognized by multiple law enforcement agencies for her work on complex fraud cases. 

This session provides one CFCS credit.

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