Uncovering the Hidden Threat: Synthetic Identity Fraud in the UK
Protecting against synthetic identity fraud
The existence of synthetic identities may not be news to most experienced fraud prevention teams. However, the extent to which they have infiltrated UK businesses might come as a surprise to many. With no standardised way of detecting or monitoring synthetic identities, fraud prevention teams have largely ignored this invisible and unquantifiable threat – accepting increasing debt write offs as the cost of doing business.
Our latest analysis reveals for the first time the true scale of the problem, showing a more than 500% increase in high-risk synthetic identities in circulation in the UK since 2020. It highlights the extent fraudsters go to, creating and building synthetic identities through a network of farms and factories operating across the country. And it reveals the astronomical potential cost to your business of ignoring the threat.
This research draws on expert insights and the latest data modelling techniques to reveal the DNA of synthetic identities, arming businesses with the knowledge to more effectively screen for this clandestine fraud that could be hiding in plain sight across customer databases, everywhere.
3 million UK consumers may be synthetic
About the study
Our study draws on the latest data modelling techniques combined with our powerful linking technology and access to a vast database of nearly three billion UK adult consumer records.
LexisNexis® Risk Solutions is unique in its ability to bring a wealth of physical and digital identity attributes together with predictive modelling to truly understand the genomic drivers of synthetic fraud in the UK.
We can deliver actionable intelligence to organisations, to help predict where synthetic fraud may be hiding.
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