Experian said that analysis of confirmed fraudulent and potentially fraudulent credit applications showed a 60% annual jump in false identity cases in 2024 (Dominic Lipinski/PA) (PA Archive)
A rise in “synthetic fraud” – where a combination of fake and real information is being used in applications – is being seen by a credit information service.
Previously, criminals may have had to go through people’s bins, trawl through publicly available information online or buy information on the “dark web”.
But the growth in AI (artificial intelligence) is making it easier to rapidly fabricate huge volumes of new synthetic identities to launch fraud attacks on financial service companies, Experian said.
Experian said that analysis of confirmed fraudulent and potentially fraudulent credit applications showed a 60% annual jump in false identity cases in 2024.
AI technology can enable fraudsters to create fake identity documents which are “virtually identical” to genuine ones, making it harder to identify and prevent fraudulent applications, the firm added.
Source: independent.co.uk
