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2021  Identity Fraud Report

Synthetic identity fraud has rapidly increased during the pandemic. This report outlines the basics of SIF, contributing factors to its rapid growth, its quantified impact, and profiles on new and mature accounts. 

Download the Report

This report will arm you with knowledge on:

  • SIF 101 - learn the basics of this emerging threat 
  • The road to SIF- how we got here
  • Quantifying SIF's impact 
  • Profiles of new and mature SIF accounts
  • How institutions can fight back
  • The importance of collaboration when fighting sophisticated cyber fraud 
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"With the pandemic hitting, banks had to quickly pivot in order to make services available for their customers. And in doing so, you don't necessarily have the time to put the proper controls in place. So, what the pandemic has done has potentially increased the magnitude for all types of fraud, with synthetics certainly being one of them."

Staci Shatsoff, Associate VP, Payments Group, Federal Reserve Bank of Boston

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Learn the basics of a SIF profile, including:

  1.  Average credit score
  2.  Number of trade lines opened
  3.  Amounts borrowed on different loans (auto, personal, credit card) 
  4. Average loan balance
  5.  Their payment patterns