Fintech companies are facing a rising tide of fraud, with 95% of synthetic identities not being detected during onboarding and an estimated 1.7% of annual revenue lost to fraud every year. The complexity of fraud is increasing, with risk leaders dealing with a higher volume, variety, and sophistication of attacks. To mitigate the cost of fraud without overcomplicating their approach, fintechs need to identify where they're experiencing the most fraud and associated costs, such as returns or unauthorized transactions, and implement targeted measures to tackle these issues. This can include using instant risk scoring, identity verification, and ongoing monitoring to detect suspicious activity. By strengthening their risk program with a partner like Plaid, fintechs can stay ahead of threats and lower fraud without hurting the customer experience.