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Synthetic Identity Fraud Is the Fastest-Growing Financial Crime

An elaborate, time consuming type of identify fraud that is hardest to detect. Frankenstein Fraud aka Synthetic identify theft is a type of fraud where a combination of real information and made up information is used to create a fictional person to build up credit and max out credit cards.

Frankenstein Fraud Definition

The Process of “Frankenstein” Synthetic Theft

Often, fraudsters will go about making their made up identity by either picking a random credit privacy number (CPN), social security number (SSN) or purchase one on the dark web. Their preference being a CPN of someone who is younger than 18 years old. The reason for this is because that person won’t have a credit history, wouldn’t apply for credit until they’re 18 and therefore won’t notice a difference in their score.

Once they have their CPN or SSN, they will make up details including, date of birth and name not relating to the stolen CPN. The next step is to build up a good credit score (which can take years to nurture), once accomplished they then apply and max out all available loans and credit cards to then eventually disappear and (most probably) find their next victim.

This type of fraud is harder to be detected and often goes unnoticed for years because there is no clear identifiable victim.

How To Protect Yourself 

Can you stop synthetic theft? The simple answer is no. Unfortunately, much like most types of theft there isn’t a way to 100% protect yourself and in this case as there is no victim as such so it is even harder as a lot of the information is made up.

You can help prevent yourself by following the below tips:

If you’re looking for general top cyber security tips to help protect your business, follow our 5 ways to protect your organisation or check out our blogs.

 

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