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11/04/2024
Lenders Increasingly Targeted by Fake Identity Scams
Banking Exchange
The percentage of synthetic identities among attempted accounts opened by U.S. lenders for auto loans, bank credit cards, retail credit cards and unsecured personal loans reached an all-time high at the end of the first half of 2024, according to a new report by TransUnion.
Synthetic identity refers to a fake identity that combines real personal information (such as a Social Security number) with fraudulent or fabricated information, fraudsters create synthetic identities to pass identity verification checks for online platforms.
Based on the percentage of attempted account openings with synthetic identities, the market is facing a rising threat of charge-offs in the future.
Among attempted accounts opened using synthetic identities, auto loans appeared to be most attractive for fraudsters to stack up balances.
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