Takeaways from our presentation at FLA's Financial Crime Working Group

Jordan Roberts, our Fraud Strategy Consultant discusses the issue of the rise of Identity Fraud, with a breakdown of the ID Fraud typologies and preventative solutions

In the Finance and Leasing Association's financial crime working group, Jordan was joined by speakers from Eversheds Sutherland and CIFAS . 

The leading experts discussed a myriad of topics including a regulatory update on the HTM consultation on money laundering regulations, the National SIRA data on ID Fraud and CIFAS Intelligence update on current and future fraud trends.

Here are the key takeaways from Jordan's presentation:


  • Identity fraud accounted for over half of all reported fraud in the finance sector over the last 12 months.
  • Impersonation fraud and false identity fraud substantially exceeded any other form of identity fraud in National SIRA over the last 12 months.

  • Advancements in technology have influenced the spike in identity fraud, as well as the economic pressures of Covid and the Cost-of-Living crisis.

  • The future will see greater emphasis on identity verification solutions like SynID to ensure financial inclusivity for those with thin files, whilst AI-driven solutions such as SynDOC will combat the threat of false documentation and the emergence of Generative AI.

Jordan Roberts, Fraud Strategy Consultant at Synectics commented: “Identity fraud has reached unprecedented levels in recent years, driven by the spike in personal data breaches and the evolving sophistication of fraud techniques. As financial institutions continue to digitise their services, the risk landscape evolves, requiring more robust identity verification and fraud detection solutions”


Talk to our Digital ID experts about how you can fortify your defences against synthetic identities and false documentation.


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