Financial losses to synthetic identity-based fraud to double by 2024
Losses to imposter scams based on synthetic identities—identities that only exist as figments in a credit reporting bureau’s records—will rise from a reported $1.2 billion in 2020 to $2.48 billion by 2024 in the US, according to an analysis published Thursday by identity verification vendor Socure. Synthetic identities became a common concern for businesses and financial institutions in the mid-2010s, Socure’s report said. Typically, such an identity is based on a real person, but with…
Read More
