LAS VEGAS (FOX5) — Cybercriminals don’t always steal your identity to impersonate you. Sometimes they use stolen information to create an entirely new person, at least on paper.
They’re called “synthetic identities,” and they’re among the fastest-growing forms of fraud thanks to the growth of artificial intelligence. It helps bad actors blend information stolen from real people with completely made-up details to create a fictional identity used to commit crime. For example, they may use your actual Social Security number with a fabricated name, date of birth, and address. Frequent targets include children, the elderly, or the homeless; anyone who may not regularly check their credit reports.
Cybercriminals use synthetic identities to apply for credit cards and loans. Banks typically deny early applications. However, this process creates a credit file for the fake name, and that increases the likelihood of future approvals. Once credit is established, bad actors will make small purchases and timely payments for months, sometimes even years. Then, when their limits are at their highest, they’ll max out all the accounts and disappear without repaying.
To avoid this type of scam, monitor your kids’ credit reports as well as your own. And, be cautious about sharing any type of personal information online or over the phone.
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