Identity fraud becoming more sophisticated. (Source: Shutterstock)
A new whitepaper from the Federal Reserve has predicted no end in sight for synthetic identity fraud, which is now the fastest-growing type of financial crime in the United States.
The crime will continue to plague consumers because it is hard to detect, has a high payoff for the fraudsters and because so few victims come forward to report the crime, the Fed said. Increased digitization of the financial system has compounded the problem, it noted.
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