AI raise identity fraud

AI is bringing with it an increase in “Synthetic identity fraud”.  

What is synthetic identity fraud? It is fraud committed with fake identities using a mix of real and fabricated data. 

Financial losses tied to synthetic identity fraud are expected to reach $3.1 billion in 2026. This is up from $1.8 billion in 2020.

What’s the AI tie in? It makes the fraud easily scalable. 

CFO Dive | Synthetic identity fraud surges as criminals weaponize AI: study