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Synthetic identity fraud is a big problem for the financial services industry, but the recent Equifax breach will make synthetic identity fraud into an even bigger problem in the years to come, experts warned. But they also said credit unions can take steps to prepare for the anticipated massive onslaught of application fraud via online, call center and mobile channels, and account takeover and card fraud that can lead to substantial losses.

In September, Equifax publicly disclosed a data breach compromised personal information of 145.5 million Americans, including their names, Social Security numbers, dates of birth, addresses, driver’s licenses and credit card numbers.

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Peter Strozniak


Credit Union Times

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