Synthetic Identity Theft (SIF) is a relatively new form of identity theft, where fraudsters start with a single piece of legitimate personal data and build a fake identify around it using false information. Can cyber criminals create an illusion of a person to commit fraud?
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How does SIF work?
- Fraudsters begin by stealing legitimate security numbers from people who aren’t using their credit.
- To build a synthetic identity, they add a fake address, phone numbers and other basic information.
- Fraudsters then apply for credit online using these identities and manage them responsibly for a certain period to build up the credit score and history.
- The fraudsters bust out by suddenly maxing out the cards and disappearing.
Combat the fraudster who doesn’t exist!
Ensure that you have an effective identity validation and authentication system to spot fake identities.