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.
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.