How does synthetic identity theft work?
domryan22 asked:
Ive been hearing about synthetic id theft, also called ssn-only theft a lot lately and I was wondering how someone could open a bank account just by building a fake identity around a ssn. It just doesn’t seem possible to me. Here’s an article about it http://www.bankrate.com/brm/news/pf/identity_theft_20070516_a1.asp
George
Ive been hearing about synthetic id theft, also called ssn-only theft a lot lately and I was wondering how someone could open a bank account just by building a fake identity around a ssn. It just doesn’t seem possible to me. Here’s an article about it http://www.bankrate.com/brm/news/pf/identity_theft_20070516_a1.asp
George
Angel
The article you post pretty much explains it.
1) Take a ssn
2) create a persona around it (with utilities and phones and use it on a short term job to establish a check stub, that kind of thing)
3) run it for a little while, maybe take a small ($500) loan out that you pay off
4) take a BIG loan out that you never pay
I may just be diabolical, but it made sense to me.