Fraud & Risk
Synthetic Identity Fraud in the U.S. Payment System
According to analysis from McKinsey & Company, synthetic identity fraud is the fastest-growing type of financial crime in the U.S. This whitepaper from the U.S. Federal Reserve discusses what synthetic identity fraud is, why it is often difficult to detect, and how it differs from "traditional" identity fraud. Causes and contributing factors are reviewed next, along with insights on its financial impact. A summary of the impact of synthetic identity fraud on consumers and a brief conclusion wrap up this whitepaper.