3m ‘Frankenstein' identities pose multi-billion-pound fraud threat to UK businesses [Yahoo! Finance]
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Source: Yahoo! Finance
According to LexisNexis Risk Solutions, there are almost three million of these synthetic identities already in circulation in the UK, preparing to strike. Hundreds of thousands more are being created each year, with volumes of the highest-risk synthetic identities increasing nine-fold (527%) between 2020 and 2023. An analysis of over 72million consumer profiles found 2.8million showing several high-risk signs of ‘Frankenstein cloning'. This where fraudsters stitch real and made-up personal details together to create a ‘new' identity. Other high-risk signs include seeing no trace of family connections and lots of similar-looking identities living at the same address. US synthetic fraud: average fraud loss per case of $15,000 In the US, synthetic fraud is already a major issue. Businesses report an average $15,000 loss to each confirmed synthetic fraud case. As a result, LexisNexis estimate that it could cost the UK economy around £4.2bn by 2027, unless firms start properly scre
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