What is Synthetic Identity Theft?
Synthetic identity theft, a type of fraud scheme that uses fabricated identities, is growing rapidly, with banks and digital merchants particularly vulnerable. If you don’t notice synthetic identity accounts early on, they can be difficult to detect because they show all of the characteristics of an ideal client. Other third-party fraud attack methods, such as account takeover or clean fraud, rely on existing identities. The fraudster gains access to a cardholder’s account or personal information and then makes as many transactions as possible within the short time frame before being discovered.
What is Synthetic Identity Theft?
Synthetic identity theft, also known as synthetic identity fraud, is a rapidly growing fraud that occurs when hackers use stolen data and hide a previous history to create new identities rather than stealing and using existing accounts. They can use these fake identities to create fraud attacks.