Synthetic Identity Fraud in Cards to Hit $1.2 Billion Soon

Card fraud is getting a boost, thanks to criminals that have shifted their focus from counterfeiting plastics to counterfeiting identities.

Aite published analysis that suggest that synthetic identity fraud is growing at a rate of about 20% every year on card portfolios.  By 2020 it is expected that card issuers will lose about $1.2 billion due to synthetic identities.

This is an interesting chart that shows the trajectory of growth each and every year.

Frank McKenna is the Chief Fraud Strategist for PointPredictive and a Fraud Consultant based in San Diego California