Identity theft and fraud utilizing "Synthetic ID fraud" is something I personally had never heard nor was aware of (the term Synthetic ID) until a friend and former co-worker - Kelly - alerted me to it. Kelly landed a job with Equifax awhile back and was filling me on the what/how this newer form of ID theft is effecting automotive dealerships nationwide.
"Fraudulent synthetic identity accounts that go undetected for 24 months drive estimated total losses of $200 million per month across ALL industries — $2 billion annually..."
This PDF merely touches on some of the statistics and risk assessment results while promoting a new Equifax service - FraudIQ® - designed to help dealerships detect synthetic identity fraud earlier so dealers can:
• Avoid chargebacks
• Mitigate fraud losses
• Maintain lender relationships
• Better protect your bottomline
The purpose of the resource is NOT to promote Equifax but instead to help bring about more awareness of Synthetic ID fraud.
I've also included a few links to additional resources on the information around synthetic identity fraud:
www.lifelock.com
www.forbes.com
www.darkreading.com
equifax.com
"Fraudulent synthetic identity accounts that go undetected for 24 months drive estimated total losses of $200 million per month across ALL industries — $2 billion annually..."
This PDF merely touches on some of the statistics and risk assessment results while promoting a new Equifax service - FraudIQ® - designed to help dealerships detect synthetic identity fraud earlier so dealers can:
• Avoid chargebacks
• Mitigate fraud losses
• Maintain lender relationships
• Better protect your bottomline
The purpose of the resource is NOT to promote Equifax but instead to help bring about more awareness of Synthetic ID fraud.
I've also included a few links to additional resources on the information around synthetic identity fraud:
What is synthetic identity theft and how does it work?
Learn how to stop fraudsters from using your personal information for synthetic identity theft.
5 Ways To Protect Yourself From Scammers This Tax Season
Tax identity theft is a real threat for millions of Americans. In 2023 alone, the IRS identified over $5.5 billion in fraud resulting from tax identity theft and tax refund scams. Identity thieves use stolen information to file fraudulent tax returns in your name, or they may use the stress of ta
www.forbes.com
How Criminals Are Using Synthetic Identities for Fraud
Organizations must improve their cybersecurity protocols to detect fraudulent identities and make sure they're safeguarding their consumers’ personal information.
Identity & Fraud Services | Business | Equifax
With identity and fraud services from Equifax, lenders can detect and prevent fraud, verify identities, and safeguard revenue with advanced analytics.
equifax.com
