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Increased Synthetic Identity Fraud in Automotive Lending Sector

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📰 1 unique sources, 1 articles

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Synthetic identity fraud is escalating in the financial sector, particularly in automotive lending. Cybercriminals are creating sophisticated synthetic identities using data from breaches, leading to a significant financial risk for lenders. The total financial risk in the United States reached $3.3 billion in 2024, up from $1.9 billion in 2020. Synthetic identities are used in up to 1% of transactions, depending on the financial product. Fraudsters are employing long-term strategies to build credit histories and extract maximum value from these identities. The financial industry, including cryptocurrency and traditional banking, is the most targeted, with synthetic identities posing a growing threat across all sectors.

Timeline

  1. 19.09.2025 17:18 📰 1 articles · ⏱ 4h ago

    Financial Risk from Synthetic Identity Fraud Reaches $3.3 Billion in 2024

    The total financial risk from synthetic identity fraud in the United States increased to $3.3 billion in 2024, up from $1.9 billion in 2020. Synthetic identities are used in up to 1% of financial transactions, with the automotive lending sector being heavily targeted. Cybercriminals are creating sophisticated synthetic identities using data from breaches and employing long-term strategies to build credit histories. The financial industry, including cryptocurrency and traditional banking, is the most targeted, with synthetic identities posing a growing threat across all sectors. Fraudsters are also targeting business identities, combining real or fabricated details to form non-existent entities. 39% of synthetic identities are linked to no relatives, which is about 5.2 times higher than the real population.

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