Written by Barley Laing
Banks now face a capped GBP £85,000 reimbursement bill per claim as synthetic identity fraud turns into a direct liability under tighter UK rules.
Poor-quality customer records are skewing AI and costing retailers money, despite many firms still not trusting the data behind decisions.
Poor address records are driving misdeliveries, extra fuel use and customer churn, costing retailers GBP £11.60 a parcel on average.
AI-fuelled synthetic ID fraud is surging, set to cost firms USD $23 billion by 2025 and USD $58.3 billion by 2030 without stronger checks.
AI's promise for 2026 hinges on fixing decaying, duplicate customer data to curb hallucinations and unlock sharper, revenue-driving insight.
Outdated, inaccurate and duplicate records are crippling data-driven decisions, but simple verification and cleansing tools can reverse the damage.
