Synthetic ID fraud is increasing due to a surge in the auto lending industry

Synthetic ID fraud is on the rise, with a 98% increase in the auto lending industry leading to $7.9 billion in losses last year. ISMG editors discussed key takeaways, such as supporting ransomware victims, and a new initiative by the UK's National Cyber Security Centre and major insurance associations

The discussion covered highlights from the RSA Conference 2024, reasons behind the surge in synthetic ID fraud, and efforts by the UK government and insurance associations to combat ransomware threats. The panelists mentioned included Anna Delaney, Mathew Schwartz, Tom Field, and Suparna Goswami, who emphasized the importance of addressing these increasing fraud trends.
https://www.bankinfosecurity.com/ismg-editors-synthetic-id-fraud-on-rise-a-25270