Synectics Solutions

4 results about this entity

Period: 03 Oct 2023 - 05 Mar 2025

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Savings accounts see huge surge in mule-linked activity

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Savings accounts see huge surge in mule-linked activity

Money launderers and their mules are switching away from current accounts to savings accounts in a bid to bypass stringent bank checks brought about by APP reimbursement rules and AI-based anti-fraud tools.

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Three quarters of money mules evade early detection

Without perpetual screening, the majority of money mules are likely to go undetected.

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ID fraud may account for 50% of all bank-reported fraud by 2025

Analysis of the UK’s largest database of syndicated risk intelligence shows ID fraud is the top fraud type reported by banks and other financial service providers, accounting for 45% of all adverse contributions made in 2023. This could reach 50% by the end of the year.

/identity

Synectics Solutions ships SynID identity verification tool

Synectics Solutions has launched SynID – a tool proven to help banks deliver a ‘friction-right’ journey for more good customers in seconds, by increasing certainty in ID verification.

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