Thomson Reuters reported that synthetic identity fraud, one of the fastest-growing financial crimes in the UUS, has become an increasing concern for regulators, as banks struggle to find common ways of tackling the innovative theft technique that combines real and fictitious data about individuals.  One widely reported analysis by Auriemma Group, an information and advisory firm for the payments and lending industries, suggested that synthetic identity fraud cost US lenders $6 billion. Meanwhile, the consultancy McKinsey estimates the financial theft accounts for 10–15% of charge offs in a typical unsecured lending portfolio.  US bank regulators, in particular the Federal Reserve, are increasingly focused on synthetic theft and have been working with banks and technology firms to help identify solutions and common definitions.  “Traditional fraud models are not designed to detect synthetic identities,” said the Boston Fed, citing research that showed such models were ineffective at catching 85% to 95% of likely synthetic identities.

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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