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Synthetic identity fraud cost financial institutions between $5 and $40 billion in 2024. Why the wide range? Financial institutions struggle to detect synthetic identities—about 85%-95% of synthetic identities remain undetected.
These fake identities evade detection by using a blend of real and fabricated data, often leading to incorrect categorization. This type of fraud has grown with digital banking and only in the last six years have authoritative bodies like the Fed, standardized terminology to better address synthetic identity fraud. Learn how synthetic identity fraud is perpetrated and detected, so that you can choose appropriate solutions to combat it.
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