Synthetic Identity Fraud Update: Effects of COVID-19 and a Potential Cure from Experian
This IDC Perspective updates a June 2019 document on managing synthetic identity fraud. Two key market events drove the need to issue this update — the effects of COVID-19 will likely result in a large-scale increase of synthetic identities and a new product offering from Experian that will disrupt the market for antisynthetic identity solutions."Synthetic identity fraud is a massive problem for banks, and I believe that the effects of COVID-19 will exacerbate the problem. However, at the same time, Experian launched a new offering that I believe will be a game changer for how banks attack the synthetic identity problem." — Steven D'Alfonso, research director, IDC Financial Insights
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