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Frankenstein Fraud: How Synthetic Identities Became the Fastest-Growing Fraud Trend

May-2021-CoverMay/June 2021 | COVER STORY

Synthetic identity fraud is not new. It’s a fraud trend that has been around for decades that was often carried out in person before shifting to take advantage of the Internet. And it has grown rapidly in the 21st century. Recent research from Aite Group, sponsored by consumer credit reporting agency TransUnion, found that synthetic identity fraud for unsecured U.S. credit products totaled $1.8 billion in 2020 and will grow to $2.42 billion in 2023.

     And while the cost this fraud poses to organizations, financial institutions, and individual victims is high, it also has major ramifications for national security as officials struggle to detect fraud and hold criminals accountable for it.

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In a survey of more than 5,000 respondents across 99 global territories in 2020, PricewaterhouseCoopers found that 47 percent had suffered at least one form of fraud—averaging six per company.

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ASIS News

In September 2021, GSX will be a hybrid experience, with features serving both in-person and digital audiences.

Legal Report

Virginia Governor Ralph Northam signed a consumer privacy bill into law, which like the CCPA places the onus of protecting consumers’ data on businesses.

Infographic: A Cyber Seat at the Table

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Industry News

The Flemish government selected Nedap’s AEOS access control solution for securing its sites throughout multiple European countries, including Belgium.

Marketplace

Included in this month’s solutions are video analytics, temperature screening, adaptive cameras, and more.
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