Articles
Stop Synthetic Identity Fraud with Real-Time Government Verification
Synthetic identity fraud is an invisible threat infiltrating businesses at alarming rates. Fraudsters create fake personas by stitching together real and fictitious information – a “Frankenstein” identity – to open accounts and commit crimes undetected. The result? The fastest-growing form of identity theft, costing businesses billions globally. In the U.S. alone, the average loss per synthetic fraud case is around $15,000, and shockingly over 80% of new account fraud today is attributed to synthetic identities. This isn’t a niche issue; it’s a growing epidemic. Nearly half of organizations worldwide experienced synthetic identity fraud in the past year, and 91% of U.S. companies see these fake identities as a growing threat. Looking at recent trends, suspected synthetic fraud incidents rose 21% in just one year (184% since 2019). In short, synthetic identities have become a favorite weapon of cybercriminals – and no industry is immune.
