Synthetic Identity Theft - How does it impact your identity?

Identity Theft is a major issue to be addressed these days, as there are incidents of every 2 people being scammed by identity thefts as we go by the numbers disclosed in the latest research done by Data Safeguard

Privacy has been a crucial concern these days when around 65% of the world's population is hyperactive on the Internet, which eventually opens the door for cyber thieves who scam people by various means.

According to the study by 'Federal Trade Commision Data 2021', US has recorded 2.8 million fraud reports accounting to approximately USD 5.9 billion, which is a huge number to be considered for any kind of fraud happening anywhere in the world.

Data Privacy is one of the major concerns of worry for all the major organizations, government entities, and obviously the common people as well. Identity Theft can lead to severe critical situations.

Many countries have already enforced data privacy laws to protect their citizens from such data theft incidents which are way too serious than we can think of. Many organizations across the globe are searching for new and efficient ways to process confidential data safely with the help of artificial intelligence, which costs them around USD 2.87 million according to the report by IBM.

Let us have a look at the rough data that has been published by one of the reputed research firms, which states that, in the year 2021, there were about 5.7 million reports related to fraud, out of which nearly 25% were of Identity Theft.

The Dark web is another major aspect of identity data theft, as your data which is collected by any means is sold in the dark market at enormous prices, here are some of the prices for your data in the dark web -

Passport - $18
PayPal Login - $11
Driving License - $28
Banking Details -$100
Credit Card Details - $32
Social Media credentials - $8
Your entire online identity is sold for $1200

After having an eye on these prices you can imagine how important your identity is to such fraudsters and how they become millionaires by scamming you with your identity.

With all these things, Synthetic Identity Theft is a new emerging threat that is hovering above all of us.

Synthetic Identity Theft or SIT is a combination of personally identifiable information or PII, through which a person or entity is created for the purpose of committing any illegal or dishonest act for personal or financial benefit.

Here a synthetic identity or a profile is created by a fictitious name by using the identification details of a real human being who has a lot of potential data linked to him/her. With this synthetic identity, scamsters fraud people and institutions with their data and identity leading to serious criminal or legal activities.

SIF (Synthetic Identity Fraud) has become the fastest-growing criminal activity as it leads to the creation of millions of fake profiles and misuses them in the dark web that is nearly impossible to track and authenticate.

When we go through the stats, it is clearly stated that every second 2 people become victims of SIF, where one of every third person in the US is victimized and accounts for about USD 1343 per incident. And above all, nearly 20% of victims have been found to be repeatedly scammed and have their own fraudulent accounts without their knowledge, which is a serious thing to take note of.

Considering the fact that the internet is continuously evolving from generation to generation, like from 3G to 5G or 6G, the cybercrime rate has also gone up, where the annual SIF losses accounted for USD 6 billion in the year 2016, which shows a drastic rise to reach USD 20 billion in the year 2020.

Though we have such huge numbers regarding frauds and the huge amount that is scammed from people, it is still a tough task to completely eliminate such identity thefts.

Still, stringent measures are being taken by government entities and institutes to prevent and overcome such Synthetic Identity Theft, which is a havoc task, but it can indeed be a successful attempt to prevent such data thefts.

With this, Market Research Future has been one of the key research firms that have made detailed research on this topic and presented the most approximate stats with exact forecasts, which is also one of the most genuine and reputed market research firms in India which is trusted by millions of its customers across the world.

Contact Information:

Sudhir Sahu

Founder and CEO | Data Safeguard Inc

sudhir@datasafeguard.ai

Check out our amazing new website at www.datasafeguard.ai