Synthetic identity fraud is reportedly the fastest-growing type of financial crime facing the United States.
FiVerity estimates that synthetic identities account for slightly more than 20% of all losses in a given loan portfolio, even though they account for less than 1% of all loans.
FiVerity estimates that synthetic identity fraud losses average 4.6 times more than typical credit losses.
These statistics are important, as many small to mid-size financial institutions do not believe they are potential targets of this fraud threat.
This White Paper highlights different ways that organizations – both individually and collectively – can work to mitigate synthetic identity fraud. The goal is to raise awareness and encourage industry action in a collaborative fashion.
The Fed is focusing on the collaborative theme of “no single organization can stop synthetic identity fraud on its own”.
FiVerity appreciates being featured in the publication and is looking forward to continued partnership and collaboration in assisting The Fed, Government Regulators, and Financial Institutions to detect synthetic identity fraud in the U.S Financial System.