Synthetic Identity Theft Statistics

July 1 2021 Eight defendants pleaded guilty today to offenses contained in a 50-count 2nd Superseding Indictment charging various forms of Bank Fraud Wire Fraud Conspiracy to Commit Bank Fraud Making False Statements to a Bank on Loan Aggravated Identity Theft and Perjury. Alarming Synthetic Identity Theft Stats.

There Are Several Types Of Identitytheft Some May Drain Your Bank Account While Others May Cyber Security Awareness Identity Theft Identity Theft Statistics

Even if you are diligent in your efforts to prevent these types of identity theft you may still become the victim of a crime if your information is stolen during a hack or data breach.

Synthetic identity theft statistics. Two additional defendants previously pleaded guilty in connection with the same scheme. Identity theft occurs when someone uses your identity in a crime or fraudulent act. More than 446 million records were exposed between 2017 and 2018 according to recent figures from the Identity Theft Resource Center.

Synthetic identity theft alone may account for 5 of uncollected debt and up to 20 of credit losses or 6 billion in 2016 according to some industry analysts. As of 2014 the total financial losses per year from synthetic identity fraud were over 1 billion. The problem is even more acute.

Synthetic identity theft is the fastest growing type of ID fraud and its occurrences have surpassed true-name identity fraud. The ID Analytics study states it currently accounts for 80. The average synthetic identity theft loss is 6000 according to data from Experian.

TransUnion reports that a record 355 million in outstanding credit-card balances are owed by people who it suspects did not exist in 2017. In just three years the amount of synthetic identity theft cases more than doubled. Out of 3 million reports last year 15 are related to identity theft.

Synthetic ID fraud accounts for 80 of all credit card fraud losses and there is no person to trace or collect from. Those addresses social media accounts identity documents names dates of birth and SSNs provide plenty of fodder for scammers who combine that information with fake versions to defeat bank security controls. ID Analytics Inc 738 of financial losses from identity theft came from defrauding synthetic identities.

While many industry analysts may not agree on the total amount of money lost from synthetic ID theft estimated to be in the billions Aite Group stated that synthetic ID theft would cause 800 million in losses for credit card issuers in 2017. Steven DAlfonso research director IDC Financial Insights 1 Unlike first- and third-party fraud which deal with true identities and can be tracked back to a single person or the criminal impersonating them synthetic identities arent linked to an individual. This usually means the thief combines a real Social Security number with a name and birthdate that dont match those listed with the number.

The study cited McKinsey which described synthetic identity fraud as the fastest-growing type of financial crime in the US and the Auriemma Group. This affects all of the people whose information is incorporated into the synthetic identity and a hard form of identity theft to combat because of the complexity of the crime. Synthetic identity theft is a type of identity theft where identities are completely or partially fabricated.

But banks and lenders can take steps to reduce synthetic ID fraud. According to the Federal Trade Commission in 2019 Georgia has the highest percentage of identity theft reports per capita. He cited a Federal Reserve report which estimated that as many as 85 to 95 of synthetic identities were not flagged as high risk by the existing fraud models.

Its possible but a recent Aite Group report estimates synthetic identity fraud for unsecured credit products in the US will hit 18 billion in 2020 growing to 24 billion come 2023 affirming concerns that a reacceleration of synthetic identity fraud is in the forecast. Statistics like that indicate how fraud operators are becoming increasingly more sophisticated in how they carry out synthetic identity fraud said Barnhardt. Annual SIF synthetic identity fraud charge-offs in the United States alone could be as high as 11 billion.

According to the Justice Department synthetic identities derived from compromised Social Security numbers is one of the fastest growing forms of identity theft in the United States. It can happen to anyonebut there are steps you can take to protect yourself and to recover if it happens to you.

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