Three million 'Frankenstein' identities pose a multi-billion pound fraud threat: LexisNexis Risk Solutions [Yahoo! Finance]
RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) (RELX)
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Source: Yahoo! Finance
A new study looked at over 72million consumer profiles and found 2.8million showing several signs of 'Frankenstein cloning', where fraudsters stitch real and made-up personal details together to create a 'new' synthetic identity to spoof credit checks and commit high-value fraud against banks and credit providers. In the U.S. where synthetic fraud is already a major issue, businesses report an average $15k [1] loss to each confirmed synthetic fraud case. As a result, experts at LexisNexis Risk Solutions estimate that it could cost the UK economy around £4.2billion by 2027, unless firms start properly screening now, for the threat. Most organisations' existing fraud defences are ineffective against synthetic identities because they appear as normal, good customers until the fraud is committed. Once they 'bust out' with the funds, the lender is left to suffer the loss, as there's no 'real' person to pursue for the debt. Noreen Altaf , Identity Fraud specialist at LexisNexis Risk
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