Synthetic identity fraud – the bad guys are now creating identities instead of stealing them
SALT LAKE CITY — Identity theft remains one of the top financial crimes in the world, but now, crooks have figured out a new fraud by combining both real and fake personal information to create a new identity.
You would think that there would be safeguards in place to keep crooks from making up a person. After all, we must prove we are a real person from time to time with things like our Social Security and driver's license numbers. But bad guys have figured out how to create new identities and they are getting some pretty big paydays for their work.
You are likely familiar with identity theft – a bad guy pretends to be you for various nefarious reasons. The process can be a time-consuming pain for the crooks: They have to stalk you, hack you, or trick you – to say nothing of the fact that we are getting more adept at spotting the frauds when they show up in our inboxes or online.