Bangladesh, Aug. 19 -- The global banking sector is bracing for a dramatic surge in fraud losses, driven by the rise of synthetic identity schemes and increasingly sophisticated artificial intelligence (AI) tools. According to a recent report by UK-based consultancy Juniper Research, fraud losses in the financial sector are projected to hit $58.3 billion by 2030, marking a staggering 153% increase from an estimated $23 billion in 2025. The trend highlights a growing vulnerability within financial institutions as criminals leverage technology to bypass traditional verification systems.

Synthetic identity fraud, a particularly insidious form of financial crime, is at the center of this rising threat. Unlike conventional identity theft, whi...