Core Insights - The evolution of online commerce towards automation increases the significance of online identity and the risk of automated fraud, particularly synthetic identity fraud [1] - Synthetic identity fraud results in annual losses of $35 billion for card issuers, with an average loss of $3,000 per account [2] Group 1: Synthetic Identity Fraud - Synthetic identity fraud involves the theft or purchase of personal information to create false identities for fraudulent activities [2] - The fraud is facilitated by criminals acquiring pieces of identity data over time, which can be recognized as legitimate by fraud-prevention systems [5] Group 2: Bolt Financial's Response - Bolt Financial has introduced a new network identity system called Bolt ID, leveraging data from approximately 84 million shoppers to detect synthetic identity fraud [3] - The system identifies potentially fraudulent transactions and uses a one-time password to verify the purchaser's access to a known device, enhancing security [4] - Bolt's approach focuses on alerting users when their data is used in transactions, allowing them to confirm or deny the legitimacy of the purchase [6]