Are You an Unknowing Victim of Synthetic ID Theft?
You know what identity theft is. But are you up to speed on synthetic identity theft? If not, you should be. It's lesser known, but according to the FTC, synthetic ID theft is the fastest growing form of identity theft.
Let's define it: Synthetic ID theft is a type of fraud that combines fake, usually stolen, information to create a new identity to open fraudulent accounts. It's the fastest growing form of ID theft, but less is known about it than other forms.
Again, according to the Federal Trade Commission, this type of fraud accounts for as much as 85 percent of credit card fraud cases.
The big picture: It's estimated that last year $355 million in outstanding credit card balances belonged to people who didn't exist. The most susceptible to this fraud are children and immigrants. Get the details and ways to protect yourself and your family. Click the Read More button.