- A deeper understanding of synthetic identity fraud
- Why synthetic identity fraud is difficult to detect and often written off as credit losses
- Solutions that could help firms address the challenge of diabolical charge-offs
Synthetic Identity Fraud: Diabolical Charge-Offs on the Rise
The US financial services industry is a hotbed of synthetic identity fraud. For unsecured credit products in the US, it's estimated that synthetic identity fraud will reach $1.8 billion USD by the end of 2020 — and could grow to $2.42 billion in 2023.1
Synthetic identity fraud is defined as criminals fabricating identities to establish new accounts or lines of credit, and using those fake identities to steal or move money.
A new Aite Group report, Synthetic Identity Fraud: Diabolical Charge-offs on the Rise, sponsored by TransUnion, provides:
Takeaways
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