Real-life scammers continue to come up with creative ways to commit crimes, notably in the financial services arena. This is especially true with schemes like synthetic identity fraud where identities are built with a number of different identity components.
While both are typically used for financial gain, identity theft and synthetic identities differ in the actual utilization of the stolen personally identifiable information (PII). Unlike traditional identity theft where a fraudster uses only a specific individual’s stolen—yet real—information, synthetic identities are created by fraudsters using elements of both real and fictitious PII. This “identity” is then used to obtain a loan or large credit line, but it’s never paid back.
Download the eBook – Synthetic Identity Fraud: A Costly Challenge to learn about the following:
•What is fueling the growth of Synthetic Identity?
•Why traditional prevention methods are not enough
•Designing an effective infrastructure
•Preventing Synthetic Identity fraud