Synthetic ID Fraud
Synthetic ID fraud, often referred to as Frankenstein fraud, could currently be accounting for more than 80% of all ID fraud. And proving a major challenge for every organization.
FEATURED INSIGHTS
The Deloitte Center for Financial Services expects synthetic identity fraud to generate at least US$23 billion in losses by 2030. From Deloitte.
In a series of interviews in 2023, LexisNexis Risk Solutions CEO suggested that fraud and scams using AI could soon be costing more than $1 trillion, and that a single synthetic identity could be used to steal more than $2 million in government benefits alone. Read more.
MORE INSIGHTS
Financial fraud is exploding, fueled by cheap and easy generative AI tools. TransUnion report shows $3.1B exposed to synthetic identity fraud. From Biometric Update.
Synthetic Identities, Synthetic Shoppers, and the Impact on eCommerce & Retail. From Security Boulevard.
AuthenticID Annual Report Reveals Surge in Identity-Based Fraud Across Businesses. 50 percent of businesses reported growth in synthetic fraud. From Authentic ID.
Money 20/20: Whats Behind the Rise in Synthetic Identity Fraud. From Transunion.
