Difference between revisions of "Synthetic Identity"

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Revision as of 15:18, 9 February 2022

Full Title or Meme

Just a made up identity, usually for nefarious purposes.

Conext

Bad actors.

==Synthetic Identity Fraud+ In April 2021, the Federal Reserve released an industry-recommended definition of synthetic identity fraud: the use of a combination of personally identifiable information (PII) to fabricate a person or entity in order to commit a dishonest act for personal or financial gain.

Synthetic identity fraud consists of two main components:

  1. The creation of a synthetic identity
  2. Using that identity to commit fraud

Visit Synthetic Identity Fraud Defined (https://lnkd.in/dWcQdMt) to learn more about the definition, identity elements that may be used to create a synthetic identity, common uses of synthetics and the envisioned industry application of the definition.

Creation of A Synthetic

Certain factors that aid in the creation of synthetic identities make them more attractive to fraudsters than other types of fraudulent activity. From the foundational way the U.S. approaches identities to processes in place to build and foster credit, fraudsters zero in on the opportunities to not only create, but quickly establish a synthetic identity in the payment system.

Some contributing factors include:

  • Use of Social Security numbers as primary identifiers
  • Frequent data breaches that increase availability of PII to fraudsters
  • Credit application processes
  • Limited verification of identities”