Equifax Fraud Services

The New Reality of Synthetic ID Fraud

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The New Reality of Synthetic ID Fraud How to Battle the Leading Identity Fraud Tactic in The Digital Age In the 15 years since synthetic identity fraud emerged as a significant threat, it has become the predominant tactic for fraudsters. The trend is not likely to slow. As organizations get better at fending off point-of-sale fraud tactics, fraudsters are expected to focus more of their activities on new-account fraud, often with bogus identities. Javelin Strategy & Research estimated that new-account fraud will soar 44% between 2014 and 2018, rising from $5 billion in annual losses to a projected $8 billion. 1 This white paper examines why synthetic ID fraud is becoming a go- to tactic for highly organized fraudsters and how organizations can mitigate the risk more effectively. 1 Javelin Strategy & Research, 2015 Data Breach Fraud Impact Report, June 2015

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