Synthetic Identity Theft On The Rise
Synthetic identity theft, a growing credit card fraud method, involves creating fake identities rather than stealing existing ones. This rise follows the Equifax data breach, exposing personal information of 143 million consumers. Reports show this fraud accounts for up to 20% of unpaid credit card loans and cost banks over $6 billion in 2016. Law enforcement is now focusing on this issue as banks face increasing concerns over synthetic fraud.
https://www.pymnts.com/news/security-and-risk/2017/synthetic-identity-theft-equifax/













