Frankenstein ID, the use of fake identities by scammers, has become prevalent over the last 12 to 18 months, with US financial institutions (FIs) reporting losses of $20 billion in 2021 as compared to $6 billion in 2016.
Synthetic Identity Fraud: What Is It?
When a Social Security number is stolen, synthetic identity fraud occurs. Hackers then use it in conjunction with bits of accurate personal data obtained from various sources or entirely false information to build an identity in order to commit theft.
Synthetic identity theft is unknown, thus allowing fraudsters to carry out their crimes undetected. Researchers discovered that two out of every three American adults were extremely unaware of fake identity theft.
What is the Frequency of Child Identity Theft and Fraud?
In contrast to adults, stealing the identities of minors gives hackers a wider window to utilize the credentials since the majority of victims who had their identities taken as children do not become aware of the fraud until they are adults. Social media, personal health information, and school forms pose the greatest threats to data theft involving
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This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
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