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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.

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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.




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.