What Is Fraud Using a Synthetic Identity?
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| What Is Fraud Using a Synthetic Identity? |
When committing synthetic identity fraud, thieves fabricate identities using genuine data. Instead of impersonating someone else, they construct a false identity using credentials that were obtained from someone else.
In 2018, one of the most well-known cases of synthetic identity theft occurred in New York. By applying for loans in the names of other people, 13 thieves were able to steal more than $1 million.
How to stop fraud involving fake identities
1. Protect the information that can be used to identify you (PII).
2. Use secure, one-of-a-kind passwords for all of your internet accounts.
3. Make multi-factor authentication (MFA) available. It is capable of thwarting 99.9% of automated attacks.
4. Never divulge personal information to an unidentified source, and carefully review any message that requests it. Any links in emails that look unusually urgent shouldn't be clicked.
Watch out for things like your tax information, insurance, credit history, and bank history.
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