Keeping up with adversaries engaged in bank fraud and identity theft is no easy task. Though EMV-chip cards have helped stymie some traditional fraud, a new and more advanced form of identity theft has emerged: synthetic identity theft. Though process often takes time and persistence, it costs financial institutions money in bogus credit card charges. However, "the situation is worse for the children whose [Social Security numbers] were used to create the synthetic identities," a common practice for adversaries, points out Consumer First Coalition Executive Director Jason Kratovil, CIPP/US. In this post for Privacy Perspectives, Kratovil outlines how fraudsters conduct synthetic identity theft and what can be done to turn the tide of this nefarious practice.
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