How Data Science Helps Fight Synthetic Identity Fraud

Synthetic identity fraud is a type of identity theft that utilizes a mixture of real and fake information to create a new, synthetic identity.

The primary distinction of synthetic identity fraud is that it uses counterfeit information, allowing fraudsters to operate undetected for extended periods.

Synthetic identity theft has become increasingly prevalent due to advances in technology, enabling fraudsters to create multiple identities quickly and efficiently.

Victims often only discover they are targets of synthetic identity theft when they face repercussions, such as denied benefits or unwanted debt collection.

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