It’s so bad, that some financial institutions are struggling to deal with it.
KIRO 7 spoke with someone at theto find out more about synthetic fraud and why it’s a fast-growing area for scams.
Normally, scammers take your info and pretend to be you, but what if they took just one thing and made a whole newAccording to the Identity Theft Resource Center and the Federal Trade Commission, in a synthetic fraud or synthetic ID theft scheme, a criminal takes real data, like Social Security numbers and manufactures an identity so they can get past credit monitoring firms that normally focus on real people.
President and CEO of the ITRC, Eva Velasquez, says in many cases Social Security numbers for children or the homeless are used to create such fake IDs.
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