Penny Crosman, Bank Technology News, January 27, 2015
Identity fraud, especially so-called synthetic schemes that use completely or partly made-up identities, is on the rise and hitting banks hard. Synthetic identity fraud makes up 88.3% of all identity fraud and 73.8% of the total dollars lost by U.S. businesses. According to the Federal Trade Commission, synthetic identity theft accounts for nearly 85% of the more than 16 million ID thefts in the U.S. each year. […read more]