A combination of mass identity data compromise and the increasing abilities of organized fraud rings has created a synthetic identity epidemic that is impacting all markets. Here are the three ways that synthetic identities are generally created:
- Credit applications and inquiries that result in synthetic credit profile creation or build.
- Exploitation of the authorized user process designed to take over or piggyback on legitimate credit profiles.
- Data furnishing schemes that falsify regular credit reporting agency updates.
When it comes to fighting synthetic fraud, we all need to be a part of the solution – or we are just a part of the problem.
