{"id":158674,"date":"2022-09-05T05:22:47","date_gmt":"2022-09-05T12:22:47","guid":{"rendered":"https:\/\/www.mcafee.com\/blogs\/?p=158674"},"modified":"2024-06-19T20:13:11","modified_gmt":"2024-06-20T03:13:11","slug":"what-is-synthetic-identity-theft","status":"publish","type":"post","link":"https:\/\/www.mcafee.com\/blogs\/internet-security\/what-is-synthetic-identity-theft\/","title":{"rendered":"What Is Synthetic Identity Theft?"},"content":{"rendered":"

It’s too bad cybercriminals don\u2019t funnel their creativity into productive pursuits because they\u2019re constantly coming up with nefarious new ways to eke out money and information from unsuspecting people. One of their newest schemes is called synthetic identity theft, a type of identity theft that can happen to anyone. Luckily, there are ways to lower the chance of it happening to you. And if it does happen to you, there are a few <\/span>preventive measures<\/span><\/a> you can take. Plus when you\u2019re able to identify the early signs, you can minimize its damage to your finances and your credit.<\/span>\u00a0<\/span><\/p>\n

Here\u2019s everything you need to know about synthetic identity theft in order to keep your and your family\u2019s information safe.<\/span>\u00a0<\/span><\/p>\n

What Is Synthetic Identity Theft?<\/span><\/b>\u00a0<\/span><\/h2>\n

Synthetic identity theft occurs when a cybercriminal steals a real Social Security Number (SSN) but fabricates the rest of the details that are associated with that SSN, such as the full name and birthdate. With this valid SSN, they\u2019re able to create an entirely new identity and use it to take out loans, apply for credit cards, or even purchase a house.\u00a0<\/span>\u00a0<\/span><\/p>\n

This form of identity theft is more difficult than traditional identity theft to detect. When a criminal steals someone\u2019s entire identity \u2013 their name, birthdate, address, and SSN \u2013 there are more flags that could raise the alarm that something is amiss. Additionally, in some cases of synthetic identity theft, cybercriminals play the long game, meaning that they build up excellent credit with their new fake identity for months or even years. Then, once they\u2019ve squeezed as much as they can from that great credit, they rack up huge charges against that credit and flee. It is only then when creditors demand payment that the rightful owner of the SSN finds out their identity was compromised. <\/span>\u00a0<\/span><\/p>\n

Synthetic identity theft can severely damage the credit or finances of the person to whom the SSN truly belongs. It most often occurs to people who don\u2019t closely monitor their credit, such as children, people in jail, or the elderly, but it can happen to anyone.<\/span>\u00a0<\/span><\/p>\n

Signs Your Identity May Be Stolen<\/span><\/b>\u00a0<\/span><\/h2>\n

The signs of synthetic identity theft are a bit different than the <\/span>signs of regular identity theft<\/span><\/a>. In traditional identity theft, you may receive bills to your address either with someone else\u2019s name on them or for organizations with which you don\u2019t have an account. However, in the case of synthetic identity theft, since the thief makes up an entirely new name and address, you\u2019re unlikely to accidentally get their mail.<\/span>\u00a0<\/span><\/p>\n

The major red flag is if your credit score is drastically lower (or higher) than you remember it being. Did you know that you can request one free credit report per year from each major credit bureau? Get in the habit of ordering reports regularly to keep tabs on your credit and confirm that there are no new accounts that you didn\u2019t create.<\/span>\u00a0<\/span><\/p>\n

How to Protect Your Identity<\/span><\/b>\u00a0<\/span><\/h2>\n

Check out these tips on how to protect your identity online to hopefully prevent it from ever happening to you:<\/span>\u00a0<\/span><\/p>\n