Socure Takes Public Stand to Root out 100,000 Synthetic Identities by Year’s End

President Biden’s State of the Union address highlighted large-scale identity fraud in COVID-19 relief programs, citing nearly $100 billion diverted by criminal rings and proposing expanded anti-fraud enforcement, longer cybercrime limitations periods, and stronger action against identity fraud. The piece describes synthetic identity fraud—where criminals use fabricated or manipulated identities to open accounts, obtain payouts, and move illicit funds—as a rapidly growing financial crime, noting that investigators traced $5.4 billion in pandemic relief loans to suspected synthetic identities and that such fraud could cost billions more. It also argues that payment scams and money-mule activity may increasingly shift financial losses from consumers to banks as regulators consider new liability requirements. Socure presents prevention at account opening, ongoing reviews of existing customer portfolios, machine-learning detection, and collaboration among financial institutions and government agencies as key responses, while committing to identify 100,000 synthetic identities in 2023 and advocating for the broader elimination of synthetic fraud by 2026.

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