What was once considered “true-name identity fraud” or more commonly known to most, as Identity Theft seems to be the runt of the family, when it comes to today's modern day cybercriminals and the weapons they use against you and I... 24/7
Meet “Synthetic ID Fraud” who dwarfs true-name identity fraud (Identity Theft) and now accounts for more than 74 percent of the total dollars lost by U. S. businesses and 88 percent of all identity fraud events.The same applies to this sentence:
Synthetic ID Fraud is more sinister than "run of the mill" ID Theft, in the fact that it uses your Social Security number and combines it with a name other than the one associated with that number.
If it wasn’t hard enough to recover your good name, imagine what it will be like when it’s not even your name, but it is your SSN number, which is associated to some bogus made up name.
Credit monitoring does not help; instead, identity-monitoring services will provide the necessary in depth, real time searches necessary to monitor your personal identity.A concern with Synthetic Fraud is even after checking your credit report there may be no indication of any misuse of your Social Security number or credit. Why? Because the combination of your Social Security number and a fake name will not likely hit the consumer credit reports. Another factor is that the individuals whose information was used may never become aware of the crime, and because they are not aware of any crime, the victims are not stepping forward to claim fraud.
