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Deep Dive into Synthetic Identity Fraud

July 13, 2020

The fraud landscape is evolving and, as the world becomes increasingly digital, so do the criminals. From petty schemes to high-class social engineering strategies, fraudsters cash out on billions each year.

Creating a fake identity

The FTC calls synthetic identity fraud “one of the fastest-growing financial crimes” in the United States. Unlike traditional forms of identity theft, criminals don’t steal an identity, but create a new one, using a combination of fake and real information. For example, an identity thief can combine real Personally Identifiable Information (PII) such as a Social Security number with a fake name and address to open bank accounts and seek credit, apply for a job or obtain health insurance.

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