MoneyLIVE: Synthetic identity fraud as an emerging threat

With a 21% rise in all online fraud from 2023 to 2024 (Veriff Identity Fraud Report, 2025), it continues to pose a significant risk to companies and consumers.

“One of the fastest-growing threats is synthetic identity fraud, where fraudsters combine real and fake information to create entirely new identities. Unlike traditional identity theft, synthetic fraud often goes unnoticed until significant financial damage occurs,” said Anton Volkov, Senior Product Manager at Veriff.

“The rise of synthetic identity fraud is compounded by emerging technologies such as deepfakes. Fraudsters increasingly use hyper-realistic manipulated visuals trying to pass identity verification checks,” he added.

Tackling such identity fraud requires a collective effort and to keep businesses and consumers safe, Volkov emphasized the importance of:

• Raising awareness about deepfakes and synthetic identities.
• Always validating the source of information.
• Investing in deepfake detection tools and technologies.
• Understanding further risks associated with deepfakes, such as invoice fraud and CEO fraud, multiple account creation and service abuse, and account takeovers.

For more insights on fraud prevention strategies and industry trends, join the Veriff Identity Fraud Report 2025 waitlist.