US banks lose $50bn to phantom fraudsters
Reported ID theft losses represent only the tip of an iceburg, dwarfed by fraudulent losses run up by crooks assuming completely fictitious identities, according to analysts Gartner.
It reckons ID theft will claim 10m US in 2005 resulting in losses of around $15bn from 50m accounts. By comparison "victimless" fraud - bad debt run up in the name of non-entities - will hit $50bn this year. Silicon.Com