Boston-based banking think tank Aité Group announced it has merged with insurance advisory firm Novarica Inc. to form a new entity called Aite-Novarica Group that will continue both firms’ focus on helping financial services firms understand new technologies and industry changes.
Synthetic identity fraud is nothing new. However, modern criminals have been able to exploit the underpinnings of the current and admittedly flawed personal identity regime to take synthetic identity fraud to a whole new level.
While the current housing debt remains relatively flat to the prerecession numbers, the nonhousing debt has grown 31 percent in the last 10 years. The larger concern is that two-thirds of that debt, or $2.21 trillion, is unsecured. Another crisis potentially looms with no collateral to assist in a recovery.
