Tuesday, December 12, 2017

Synthetic identity fraud seems little known but accounts for a lot of identity theft


Here’s a discussion of how “synthetic identity theft” or  “synthetic identity fraud” works.   It often uses social security numbers of minors or of individuals not likely to need credit for years.  The fraudster creates fictitious people out of combinations of real information.

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Note toward the end of the article that legitimate card users are solicited to allow others to use their credit history for compensation. This would sound criminal even on the part of the legitimate holder. I have never encountered this personally.  Note the “data furnishing” process.
  
Experian has a brief blog posting explaining the problem to businesses.  But Experian says that synthetic fraud accounts for 85% of all identity fraud. 

Monday, December 04, 2017

Credit card and telecom companies getting more pro-active with using NCOA to detect consumer relocations


Well, I have to say that the USPS NCOA system is working, as I got an email last night from Verizon Wireless asking me to confirm (with 2-step identification) my recent move to a condo, including the “phone numbers” of my iPad and Midi hotspot as well as main smart phone.

As I’ve noted here before, activity with NCOA can be a useful tool in reducing the risk of identity theft (Sept. 25, 2006). 

I’m also finding that some companies can detect that a UPS store, which claims to be a land address, really is not one and prefer to mail to real residences.  This may be a new security trend, as companies beef up their customer "clientization" databases.  I prefer to get less mail at home and more in a UPS store where there is someone there to receive it when I am away.