Synthetic Identity Fraud

What is it?

By Laura Baker, CyberWyoming

Synthetic Identity Fraud (SIF) is when scammers use stolen and fake data to build up a background of a totally new and non-existent person. They use this non-person’s identity to buy goods and gain loans.

So, they may use a social security number from one person (often a child who hasn’t applied for credit yet), a driver’s license number from another, an address from a transient part of a city, a phone number that goes to a burn phone, and work information that was taken off of Indeed.com. Then they assign all of this information a new name and have a new person. Each piece of data checks out individually, but not as a whole.

Note: if you haven’t put a credit freeze on your kid’s credit accounts,
now is the time to do so.
https://www.transunion.com/credit-freeze
https://www.equifax.com/personal/credit-report-services/credit-freeze/
https://www.experian.com/freeze/center.html

The main target is businesses who may be tricked into thinking that the SIF is a new customer.

Because no one person is being affected, reporting the theft isn’t as clear.

SIF is the fastest growing financial crime and accounts for 80% of all credit card fraud losses.

For more information on SIF, check out the Forbes article here: https://www.forbes.com/sites/forbestechcouncil/2019/10/08/synthetic-identity-fraud-is-the-fastest-growing-financial-crime-what-can-banks-do-to-fight-it/#35b3690e7ecb

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