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Synthetic identity fraud to drive $48 billion in annual losses by 2023 – Juniper Research
Online payment fraud losses will reach $48 billion annually by 2023, up from the $22 billion in losses projected for 2018, a new study from Juniper Research has found. Juniper’s new research claims that a critical driver behind losses from eCommerce, airline ticketing, money transfer and banking services will be “the continued high level of data breaches resulting in the theft of sensitive personal information.” Synthetic identity fraud is on the rise, researchers found. Fraudsters are using fragments of real data gleaned from breaches to create new, synthetic identities, as they slowly move away from pure identity theft. Synthetic-identity fraud is one the fastest-growing forms of identity theft in the United States, according to the Department of Justice.
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