Synthetic Identity Fraud: The Elephant in the Room

According to Aite Group’s conservative estimates, U.S. credit card synthetic identity losses exceeded US$800 million in 2017. 

Boston, May 3, 2018 — Aite Group’s latest report, Synthetic Identity Fraud: The Elephant in the Room, examines how modern criminals exploit the underpinnings of the current (admittedly flawed) personal identity regime to fabricate identities and use them to steal money. The problem is acute and growing in the U.S. market.  

“The creation of fake identities for criminal activities has been around as long as bad guys have been looking to escape authorities,” explains Julie Conroy, research director at Aite Group. “However, modern criminals have been able to take synthetic identity fraud to a whole new level. This form of fraud is the new elephant in the room—a problem that is rising to epic proportions but that many have yet to acknowledge,” she adds.

This new Aite Group Impact Note defines synthetic identity fraud, establishes a sizing for its impact on the U.S. credit card market, and discusses emerging vendor solutions. It is based on interviews with 33 executives from U.S. financial services firms and fraud vendors from July 2017 to April 2018.

To request a press copy of this report or to speak with Julie Conroy about this topic, please contact us at pr@aitegroup.com.

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

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