Synthetic ID Fraud

Synthetic Identity Fraud is even more prevalent than true name ID Fraud. Specifically, it is more probable that your Social Security Number will be stolen and used with a different name than it is for your Social Security Number and name to be used together.

Synthetic identity components are personally identifying pieces of information used to create a new false (“synthetic”) identity. This type of identity theft, hardly seen 5 years ago, now accounts for 85-90% of all identity fraud.

This synthetic identity fraud is very insidious – thieves can create new bank accounts, get credit cards, or get jobs with these identities. And it can take years to uncover this fraud because of the mismatched information.

As the fraud is under a different name, it usually won’t show up on your credit report, but it could nonetheless affect your identity. Information from the fraud could appear in many databases that contain Social Insurance Number information. The false information could affect your ability to get a job or a loan, for example.

Privacy expert Chris Hoofnagle said, “What synthetic identity thieves do is pollute the files.”…

“Your Social Security number right now is the key to really destroy your life because if someone uses it with or without your name, it still can come back to haunt you,” said Hoofnagle.

To determine if you have been a victim of Synthetic Identity Fraud, carefully review your Social Security statement each year to ensure all income is your income and be aware that if you get a lot of mail in someone else’s name, it could be a sign of fraud. Checking credit reports yearly is also recommended to detect all forms of identity theft.

Via 10news ; Tags: identity theft, id theft, synthetic identity theft, synthetic identity, identity fraud, synthetic id fraud, id fraud