Report: Synthetic identity scams on increase

Synthetic identity scams continues to be amongst the most common methods utilized by scammers to target loan providers, with both occurrences and lending institution direct exposure related to the scams reaching all-time highs throughout the very first half of 2023, according to brand-new research study by credit reporting company TransUnion.

TransUnion stated automobile loan providers are amongst the most targeted U.S. loan providers, with overall artificial identity direct exposure (i.e., possible losses) reaching $1.8 billion in the very first half of 2023 compared to $1.3 billion throughout the exact same period in 2015. Bank charge card were the 2nd most targeted classification, with direct exposure reaching $994 million in the very first half of this year, up from $917 million throughout the very first half of 2022. At the exact same time, direct exposure for retail credit cards dropped to $126 million from $144 million.

TransUnion likewise took a look at information breaches that happened in the very first half of 2023, discovering that main breaches increased by 5% compared to the exact same duration in 2022. While an individual’s name continues to be the most exposed private credential, a Social Security number has actually passed date of birth as the 2nd frequently exposed private credential in breaches, the business stated. Social Security numbers were exposed in 69% of breaches, up from 60% in 2015. Driver’s licenses or other state recognition details were exposed in 31% of breaches in the very first half of 2023, more than double in 2015’s 14% mark. Checking or cost savings account numbers likewise saw their direct exposure double year over year.


A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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