The growth in AI is making it easier for criminals to fabricate huge volumes of new identities using a combination of fake and real information.
Experian warns of a 60% increase in "synthetic fraud" in 2024 due to AI enabling criminals to easily fabricate identities using fake and real information. AI helps create realistic fake documents and automate fraud, while companies are deploying AI to counter the threat. Only 25% of financial service companies feel confident in addressing synthetic identity fraud. Experian has prevented £9.5 billion in fraudulent applications over the past five years.
