SentiLink Releases New Fraud Trends Report for 2H 2024, Analyzing over 100 Million Financial Applications

New benchmark report reveals sharp rise in identity theft, evolving fraud tactics, and impactful fraud ring activity in hot spots around the U.S.

SAN FRANCISCO, April 9, 2025 /PRNewswire/ -- SentiLink, the leading provider of identity verification and fraud detection solutions, today released its first SentiLink Fraud Report: Identity Fraud Rates & Trends, 2H 2024, a comprehensive benchmark analysis of more than 100 million account applications across credit cards, auto lending, consumer lending, and checking accounts (DDAs).

The report reveals a sharp rise in identity theft attempts in the second half of 2024, including a nearly fourfold increase in fraud targeting deposit accounts—from 2% to almost 8%. It also highlights the emergence of new fraud schemes and organized fraud rings exploiting vulnerabilities across industries.

Key findings include:

• A decline in synthetic fraud, dropping from 1% to .75% during 2H 2024;
• The rise of new tactics, including legacy phone abuse, residential proxy IP manipulation, and Assumed Identity Abuse (AIA)—a scheme exploiting identities of individuals who have left the U.S.;
• Increased activity from regionalized fraud rings, including a high-volume auto loan bust-out scheme in Miami and a serial identity theft ring in Massachusetts;
• Widespread fraud beyond financial services, with public sector, telecom, property management, and retail energy sectors increasingly targeted.

In addition to presenting industry segment benchmarks, the report also includes geographic heat maps, case studies, and methodology details. It is designed to inform fraud, risk and compliance professionals, as well as policymakers and financial institutions working to combat identity fraud.

The SentiLink Fraud Report: Identity Fraud Rates & Trends, 2H 2024 is available now.

Download the full report here. (https://resources.sentilink.com/fraud-report-h2-2024)

About SentiLink
SentiLink, the leading provider of innovative identity verification and fraud prevention solutions, empowers organizations to accurately identify customers and detect synthetic fraud, identity theft, and hard-to-detect forms of first party fraud. Its solutions leverage a deep understanding of identity and risk informed by machine learning models and insights from a team of the industry's best risk analysts.

SentiLink proudly serves:

• 10 of the 15 largest U.S. banks
• 5 of the top 10 credit unions
• 3 of the top 5 telecoms
• Hundreds of fintechs, lenders and government organizations.

Headquartered in San Francisco, the company was founded in 2017 by Naftali Harris and Max Blumenfeld and has raised $85M to date from investors including Andreessen Horowitz, Craft Ventures, and NYCA Partners, among others.

Media Contact:
Jason Kratovil
SentiLink
jason@sentilink.com