Synthetic Identity Theft

Synthetic identity theft is a sophisticated form of fraud that involves combining real and fake information to create new identities. Fraudsters use these synthetic identities to open fraudulent accounts, obtain credit, and make purchases. This type of identity theft is particularly challenging to detect because the information used is a combination of real and fabricated data. Businesses should implement robust identity verification measures and fraud detection systems to minimize the risk of synthetic identity theft and protect their customers' sensitive data.