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Hidden Costs of Legacy Tech: UK Banks Shelling Out £3.3bn Annually on Managing Core Systems Extend Secures $20 Million in New Capital and Hires Seasoned CFO Bivial AG launches Instant 24/7 Swiss Franc (CHF) Payments New Economist Impact Report Finds AI is Reshaping Insurance – Gradually VoPay Expands Embedded Payments Offering with Real-Time PayPal and Venmo Payouts Bolt Launches Activate, a Founder-First Program to Accelerate Growth in Digital Commerce UPI Launches Program to Extend Payment Network for International Students FintechOS and Tech Mahindra Partner to Modernize Core Systems for Financial Institutions Globally Over 270,000 Motorists to Receive £200 Million in Motor Insurance Compensation After Insurers Improve Their Claims Processes Cross River Redefines Real-Time Card Transaction Approvals with its Advanced Authorization Offering Kamel Pay Wins In-Principal Approval From UAE Central Bank MCO Strengthens Compliance Oversight for Financial Services Firms and Banks Fintech Innovator PaySelect Launches New Platform Set to Revolutionise the Payment Industry Branch Launches “Branch Embedded” to Power Fast, Flexible Worker Payments Directly Within Platforms Auquan Releases First Purpose-Built AI Agent for Financial Credit and Deal Analysis

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 TransUnion report highlights $3.3 billion exposure from synthetic identity fraud in 2024, with Steve Yin urging U.S. lenders to adopt advanced fraud detection models.

TransUnion Research Highlights Power of Public Data in Uncovering $3.3B Synthetic Identity Threat

September 17 2025

With synthetic identities now linked to a record number of newly opened accounts, U.S. lenders faced more than $3.3 billion in exposure for the year ending 2024. This alarming trend underscores the urgent need for financial institutions such as auto lenders, mortgage lenders and credit unions to harness all available data to detect and prevent synthetic identity fraud at the point of account creation. New research from TransUnion (NYSE: TRU) reveals that key traits and behavioral characteristics found in public data can play a critical role in identifying these deceptive identities before they pose a risk.

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 TransUnion-Analysis-Finds-Fraud-Costing-Businesses-Equivalent-of-Nearly-7%-of-Revenues

TransUnion Analysis Finds Fraud Costing Businesses Equivalent of Nearly 7% of Revenues

October 17 2024

A global TransUnion (NYSE: TRU) analysis found that fraud continues to significantly impact businesses and […]

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