Security News > 2021 > December > Synthetic identity fraud: What is it, and why is it harmful?
Digital criminals are creating new and effective ways to con businesses and financial institutions by using synthetic identity fraud.
"We're seeing a huge increase in synthetic identity fraud - the process of combining real and fake personal information to create an identity and commit fraud," Hoffner said during an email conversation.
Synthetic identity fraud melds factual information with fake information to create a unique identity that cybercriminals can exploit.
Buyers have to rely on businesses and financial institutions to have sophisticated equipment to spot synthetic identity fraud.
One way to reduce the chance of falling victim to synthetic identity fraud is to use the minimum amount of information needed to complete the online task.
Because of its broad scope - consumers, businesses, financial institutions and government agencies - synthetic identity fraud can't be successfully addressed by individual organizations.