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What is this term “Synthetic Identity”

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Question: 
What is this term “Synthetic Identity,” I keep hearing about?
Answer: 

Criminals know that one of the best methods for loan frauds is to use a synthetic identity. Using a fake name and a real social security number or a real name and a Credit Profile number produces a new identity. By using this technique the fraudster can be successful if your staff isn’t reviewing applications carefully.

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Learn more about Barry Thompson and Robert Hyde’s webinar

Loan Fraud: Detection and Prevention

First published on 07/12/2020

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