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Synthetic Identity Theft: Recognize, Prevent, and Report

Published: June 20, 2024

Synthetic Identity Theft: Recognize, Prevent, and Report

What is Synthetic Identity Theft?

Synthetic identity theft is a grave crime in which a fraudster crafts a false identity by blending real and fake identifying information. For instance, a synthetic identity could be constructed using a stolen Social Security number (SSN) and a fictitious name, date of birth, and address.

Once this synthetic identity is established, the fraudster has created a new persona that can be used for many fraudulent activities. This deceit can persist unnoticed for years as the fraudster builds a synthetic credit profile under a false identity. They could open and use multiple accounts, loans, and credit cards, eventually cashing out and disappearing without a trace. This makes tracking the fraudster extremely difficult, as the person in question doesn't exist.

 

How to Prevent Synthetic Identity Theft

  • Protect Your Personal Information: Avoid sharing personal information such as your full name, address, phone number, and Social Security number (SSN) unnecessarily. Be cautious when providing these details online, especially on social media platforms, and only share them with trusted sources. Doing so can significantly reduce the risk of cybercriminals using this data to steal your identity and commit fraud.
  • Use Strong Passwords: Create strong, unique passwords to prevent criminals from quickly accessing your accounts.
  • Use Security Software: Install reputable security software to protect your devices from external attacks and data breaches.
  • Monitor Your Credit: Utilize credit monitoring services that provide real-time activity alerts and frequent credit score updates.
  • Analyze Digital Footprints: This means tracking your digital trails, which include data left behind when using technology, such as IP addresses, device information, and browsing history. By regularly checking these, you can spot any unusual activities that may indicate someone is using your identity online.
  • Strengthen Authentication: Implement robust authentication systems, such as two-factor or biometric verification, that verify customer identity and detect potential identity theft.
  • Report Identity Theft: If, despite your best efforts, you become a victim of identity theft, remember that reporting it immediately to law enforcement, regulators, and government agencies is the first step toward recovery. You have the power to take action and protect yourself.

 

Next Steps if You're a Victim of Synthetic Identity Theft

If you believe that your information is being used for a fake identity or find out an unrecognized account is tied to your SSN,

  • Please report it to the Federal Trade Commission (FTC). You can report identity theft, including a stolen SSN, to the FTC by visiting IdentityTheft.gov and following the prompts. You can also call 1-877-438-4338 to report it.
  • Contact the credit bureaus. You should inform the three major credit bureaus (Experian, TransUnion, and Equifax) that you may have unauthorized accounts.
  • Notify financial institutions. This step is crucial as it alerts your bank, credit card issuer, and insurance companies about the fraud. They can then take necessary actions to protect your accounts and assist you in the recovery process.

 

Learn More About How Scammers use Artificial Intelligence:

Want to learn more about how scammers use artificial intelligence? Check out the Senate Committee's Scam and Resources page and watch their video series discussing how scammers leverage AI.

 

Article content and third-party links are provided for information purposes only. 

References:

Articles. Equifax. (n.d.). https://www.equifax.com/personal/education/identity-theft/articles/-/learn/synthetic-identity-theft/

Atwood, K. (2024, June 3). Synthetic identity fraud: What is it and how to Combat it. Thomson Reuters Law Blog. https://legal.thomsonreuters.com/blog/synthetic-identity-fraud-what-is-it-and-how-to-combat-it/

Mastercard. (2024, January 24). What is synthetic identity fraud and how does synthetic identity theft work?. Payment and cybersecurity solutions. https://b2b.mastercard.com/news-and-insights/blog/what-is-synthetic-identity-fraud-and-how-does-synthetic-identity-theft-work/

Taking action: Identity theft victim recovery checklist. (n.d.). https://victimsofcrime.org/wp-content/uploads/2020/08/FINRA-Taking-Action-Checklist-combined.pdf

Waugh, E. (2024, February 16). What is synthetic ID fraud?. Experian. https://www.experian.com/blogs/ask-experian/what-is-synthetic-identity-fraud-theft/#:~:text=Synthetic%20identity%20theft%20is%20when,to%20commit%20acts%20of%20fraud

 

 

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