FICO

AUGUST 12, 2019

As I’ve blogged about previously, synthetic identity fraud is rampant , and fraudsters are growing ever-more sophisticated. Industry estimates attribute around 80% of credit card fraud losses to synthetic identity fraud and child identity theft. (On Child identity fraud is a combination of both, as described below.).

Identity Theft 40

Identity Theft Federal Trade Commission Credit Cards Social Security 40

PYMNTS

JULY 27, 2016

The significant jump in complaints, also a record number for complaints submitted to the Federal Trade Commission, are predicted to worsen in the future. Florida saw its complaint numbers increase by a staggering 130 percent since 2011. But since then, reported breaches have more than doubled.

Credit Cards 43

Credit Cards Federal Trade Commission Data Breach Identity Theft 43

PYMNTS

FEBRUARY 6, 2017

Yet, this is a growing form of fraud that is impacting many industries, and the prevalence of synthetic fraud has risen every year since 2011. The Federal Trade Commission estimates that synthetic fraud costs U.S. The lack of an injured consumer makes synthetic fraud more difficult to confirm.

Federal Trade Commission 59

Federal Trade Commission Scams Credit Cards Fraud Prevention 59

Nanonets

MAY 31, 2023

billion in 2011 to $32.39 According to the Federal Trade Commission, USA, over 1.4 million individuals in the United States fell victim to identity theft in 2021. Payment fraud has tripled from $9.84 billion in 2020 globally. It is projected to continue increasing, reaching an estimated cost of $40.62

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52