A new report warns that synthetic identity fraud is rapidly emerging as one of the most significant financial threats of 2026. According to research conducted by Mitek Systems and Datos Insights, criminals are increasingly combining stolen and fabricated personal information to create entirely new identities that appear legitimate to financial institutions. The problem has grown so severe that 84 percent of executives surveyed now consider synthetic identity fraud a moderate or high risk to their application processes. Financial losses continue to rise, with unsecured credit losses in the United States climbing from $1.8 billion in 2020 to nearly $3 billion in 2025.
What makes this threat particularly alarming is the growing role of artificial intelligence. Financial institutions report that generative AI is making it easier, faster, and cheaper for criminals to manufacture convincing identities at scale. Researchers estimate synthetic identity fraud is growing by approximately 16 percent annually, while nearly 40 percent of financial organizations say they are already experiencing an increase in AI-assisted attacks. Rather than being used for a single fraudulent transaction, these artificial identities are often cultivated over time, opening accounts, establishing credit histories, and serving as the foundation for broader criminal operations involving loans, deposits, checks, and money mule networks.
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