Synthetic Identity Theft

Synthetic identity theft is a form of identity theft where criminals create counterfeit identities by combining real and fabricated information to deceive and exploit individuals, businesses, or financial institutions. Unlike traditional identity theft, where someone’s personal information is stolen without their knowledge, synthetic identity theft involves the creation of entirely new identities that often seem legitimate.

In synthetic identity theft, fraudsters typically start by using a real Social Security number, generally one belonging to a child or a person with limited credit history. They then combine this stolen piece of information with fabricated details such as fake names, birth dates, addresses, and employment history to create a new identity. The purpose of this deception is to establish credit accounts, open bank accounts, apply for loans or credit cards, and engage in various fraudulent activities, slowly building and exploiting these synthetic identities over time. Due to the blend of real and fake information, synthetic identity theft can be challenging to detect and often goes unnoticed until significant financial damage has occurred.

Discover Our Solutions

Exploring our solutions is just a click away. Try our products or have a chat with one of our experts to delve deeper into what we offer.

LATEST FROM MICROBLINK

Unlock More Insights

News

2022 Deloitte Technology Fast 500™ Ranks Microbl…

Esteemed group includes global, award-winning, SaaS company with industry-leading number of customers touting triple-digit pe…

اقرأ أكثر
Blog

3 ways automated document verification software sp…

Automated document verification software speeds up onboarding by reducing manual effort, improving accuracy, and enhancing co…

اقرأ أكثر
حالة استخدام الصناعة

A guide to getting remote identity verification ri…

We live in an age where we have dozens, if not hundreds, of online accounts. They form a core link between us and the service…

اقرأ أكثر
Explore resources