FiVerity reports on synthetic ID fraud
FiVerity, a provider of cyber fraud defense, released its 2021 Synthetic Identity Fraud (SIF) Report. The study delves into the formulation of synthetic identities, the construction of such profiles, how they avoid detection and more. SIF profiles are fake personas that feature a mix of identity elements stolen from real people including names, Social Security numbers and addresses, FiVerity stated, adding that while each SIF profile is unique, they share a common trait: they succeed regularly. Researchers noted that the industry has struggled to determine the scope of SIF largely due to challenges in collecting reliable data about a crime that operates under the radar. FiVerity was able to estimate that SIF losses grew to $20 billion in 2020 by using its Cyber Fraud Networt, which tracks confirmed SIF profiles throughout the financial services industry.