Identity Theft

Synthetic identity theft is one of the fastest-growing forms of financial crime, where fraudsters create new identities using a combination of real and fake information. Instead of stealing an existing identity, criminals fabricate a new one—often using a child’s or deceased person’s Social Security number—to apply for credit, loans, or even open fraudulent bank accounts.

Why It’s Dangerous:

• Difficult to Detect – Because these identities don’t belong to a single real person, fraudsters can operate undetected for years.
• Impact on Victims – If your information is used as part of a synthetic identity, you may not know until years later when fraudulent activity surfaces on your credit report.
• Financial Institution Risks – Banks and businesses may suffer financial losses due to unpaid loans or credit accounts opened with fraudulent identities.

How to Stay Safe:

• Regularly check your credit report for any unfamiliar accounts or inquiries.
• Place fraud alerts or credit freezes on your file if you suspect your Social Security number has been compromised.
• Be cautious about sharing personal information, even with seemingly legitimate sources.
• If you receive mail regarding credit accounts or loans you didn’t apply for, report it immediately to the lender and credit bureaus.