The Trust Ledger: Transaction & Identity Fraud in 2025

Trust used to be a function of time. You knew a customer because you had dealt with them before, or because somebody you trusted had. Online, customers expect to be trusted from the first click, and that expectation is the opening fraud works through.

This session presents the Trust Ledger, Proof and Liminal's research into which controls organizations had already deployed, which held, and where the losses happened anyway. Join us for the first look at the findings and a Q&A with fraud experts from both teams. The session covers:

• Immediate trust has become a customer expectation rather than a business choice, so fraud controls have to operate at the speed of the transaction.
• Organizations with mature fraud tooling still take losses at the authorization step, because their controls verify accounts instead of the person acting.
• AI has compressed the cost and skill required to attempt identity fraud, shifting the problem from detection quality toward detection coverage.
• Fraud data becomes actionable when it is attached to a transaction record, since that is where a reviewer can still change the outcome.