Synthetic Identity Fraud
Synthetic identity fraud, often referred to as synthetic identity theft, involves combining fake credentials with a suggested identity that isn’t connected to a real person. In order to build a new identity, thieves may use actual and fraudulent information, such as names, social security numbers (SSNs), and fraudulent personally identifying information (PII), to construct fake identities. By opening fictitious accounts and making fraudulent purchases, this new identity is used to defraud financial institutions, governmental organisations, or private citizens.