Synthetic Frauds

Synthetic fraud is a type of identity theft in which criminals create fake identities using a mix of real and fake information. They may use stolen Social Security numbers, dates of birth, and addresses to create new credit accounts, open bank accounts, and even apply for loans.

Synthetic Fraud fuelled by “Frankenstein Identities” is the hardest to detect and quickly accounting for the highest percentage of fraud losses, primarily involving credit cards and unsecured lending portfolios.

Synthetic Fraud is quite different from the traditional identity theft, and cyber scammers create “Frankenstein Identities”. Instead of stealing a real identity, scammers create a fake identity using a real and/or unused social security number, combine the social security number with a fictitious name, driver’s license and physical address to form the “Frankenstein Identity”.

Synthetic Frauds

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