With synthetic identity fraud on the rise, it’s important to arm yourself with important knowledge about how these identities are created and what your company can do to protect itself. Synthetic identities are phony identities pieced together with information from several real and fictitious sources. Perpetrators use the synthetic identities to apply for credit, make major purchases, or take other actions that help give each identity a financial history.
This infographic highlights:
- How synthetic identities are created to max out charges and eventually “bust out”
- Tell-tale signs of synthetic identity fraud, such as a rapid increase in account applications
- 4 keys to fighting synthetic identity fraud like using the vast resources of credit reporting agencies and data aggregators specializing in fraud