Synthetic identity fraud losses are projected by reach $4.1B by 2023

Application Fraud Attacks Rising 16% Every Year

 

New research from Aite Group projects synthetic identity fraud will account for more than $4.1B in losses by 2023.

 

The disruptions of COVID-19 are driving banks to more digital account openings which creates opportunities for accelerating application fraud — and creates urgent new challenges for financial institutions. In our white paper, “Application Fraud: Trend Analysis and Mitigation Challenges,” Early Warning® and research partner Aite Group reveal how fraudsters exploit digital account opening and what banks can do to fight back.