The June 2024 report examines identity fraud in Latin America, where new account opening and online application fraud dominate for FIs and fintechs, while merchants face heavy promotional abuse. Account takeover and new account fraud cause the most losses for FIs, with scams and mule accounts rising fastest. Firms use an average of seven to eight tools, with document verification and government database checks rated most effective. Top priorities include reducing losses and user friction, with planned investments in behavioral analytics, biometrics, machine learning, and digital ID integrations.

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