Data breaches have been a prevalent issue and Risk Based Security revealed in their 2021 Mid Year Data Breach QuickView Report that 18.8 billion records exposed in the first half of 2021 alone. But what happens to the identification numbers, addresses and other personal information that gets stolen?
Stolen user data is sold on the dark web and criminals create synthetic identities out of real and fake information to apply for credit. According to FICO, 6 out of 10 banks in APAC experienced a rise in these complex fraud schemes and companies were tricked into providing goods to users who doesn’t exist.
Fraudsters build their credibility over time to obtain a strong credit score and disappear when credit is due. Aite Group projects that synthetic identity theft for unsecured U.S. credit products will total to US$1.8 billion in 2020 and grow to $2.42 billion in 2023.
In our next webinar, we have the opportunity to hear from United Nations Office on Drugs and Crime’s (UNODC) Counter-Cybercrime Coordinator for South East Asia and the Pacific, Alexandru Caciuloiu, as he discusses the findings, trends and solutions that UNODC is working on with stakeholders to mitigate threats like these.