Threat of synthetic identity thefts in finance Synthetic identity theft in finance is referred to that type of fraud which involves the use of a fictitious identity. Identity thieves create new identities by using a combination of real and fabricated information. Fraudsters use this fictitious identity for obtaining credit, opening deposit accounts and obtaining driver’s licenses and passports.
Why Is Synthetic Identity Theft in Finance Important? This type of theft has emerged as a major fraud activity over the last decade. The exponential growth of synthetic identity theft…