TransUnion research finds instances of synthetic fraud and outstanding balances for suspected synthetic accounts at U.S. financial institutions have declined significantly after the WHO declared COVID-19 a global pandemic. E-commerce and iGaming were the industries with the second and third highest amounts of digital synthetic fraud last year. Business losses due to synthetic identity fraud for unsecured credit products will reach $1.8 billion in 2020 and grow to $2.42 billion in 2023, Aite Group report finds.
Source: https://www.helpnetsecurity.com/2021/02/10/synthetic-fraud-cost/