Increase in FinCEN fraud reports reveals growing urgency for digital identity

Digital identity could be key in the growing problem of identity related cases of fraud. The FinCEN Identity Project found that 1.4 million (37 percent) of the 3.8 million suspicious activity reports (SAR) from 2021 data are related to identity fraud, amounting to $212 billion in all identity fraud related reports, according to a report that will soon be released.

SAR fraud report rates have been steadily rising for a decade and only worsened after the pandemic. For instance, fraud …

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