What is synthetic identity theft?
Synthetic identity theft is a form of identity theft where criminals create a fake identity by combining real and fake information. This can include using a real Social Security number along with fake names and addresses.
The goal is often to open bank accounts, apply for credit cards or loans, and commit financial fraud without being detected.
How do criminal actors gather information to carry out synthetic identity theft?
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Data breaches: Hackers can break into databases that contain personal information.
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Phishing: Scammers send fake emails or messages that trick people into providing personal information.
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Purchase of information: Personal information can be bought on the dark web.
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Public sources: Sometimes information can be gathered from public records or social media.
How can you protect yourself?
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Protect personal information: Do not share personal information such as Social Security numbers, passwords, or PINs with unknown individuals or on insecure platforms.
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Use strong passwords: Create complex passwords that include a combination of uppercase and lowercase letters, numbers, and special characters. Avoid using the same password across multiple sites.
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Use multi-factor authentication: If someone were to crack your password, one or more additional layers of protection will significantly reduce the risk.
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Monitor your accounts: Regularly check bank and credit card statements for unauthorized transactions. Be alert to unusual activities.
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Be cautious with emails and links: Do not click on links in emails from unknown senders, and never provide personal information via email.
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Use identity monitoring services: Services that monitor credit and alert you to suspicious activities can be helpful.
Sicra and synthetic identity theft
Sicra recommends reading our dictionary entry on “phishing” and “social engineering” to learn about how criminals operate and how you can protect yourself. Regarding data breaches, we have specialists in everything from firewalls to SOC (Security Operations Center). We also offer security consulting through our CISO-for-hire service.
Services:
Read about our "CISO-for-hire" service here >
Read about "security training" here >
Read about "security monitoring and incident management (SOC)" here >
Related words: Social engineering, Credit abuse, Phishing, SOC, Firewall, Data breach, CISO-for-hire