Synthetic identity fraud, otherwise known as SID fraud, is reportedly the fastest-growing type of financial crime. One reason for its rapid growth is the fact that it’s so hard to detect, and thus prevent. This allows the SIDs to embed within business portfolios, building up lines of credit to run up charges or take large loans before “busting out” or disappearing with the funds.
In Experian’s recent perspective paper, Preventing synthetic identity fraud, we explore how SID differs from other types of fraud, and the unique steps required to prevent it. The paper also examines the financial risks of SID, including:
- $15,000 is the average charge-off balance per SID attack
- Up to 15% of credit card losses are due to SID
- 18% – the increase in global card losses every year since 2013
SID is unlike any other type of fraud and standard fraud protection isn’t sufficient. Download the paper to learn more about Experian’s new toolset in the fight against SID.