Protect Yourself from Synthetic ID Theft: Tips and Strategies

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What Is Synthetic ID Theft?

Synthetic identity theft is a type of fraud where real and fake identifying information is combined to create a new, false identity. For instance, a synthetic identity might be created by using a stolen Social Security number (SSN) along with a fictitious name, birthdate, and address.

How Does Synthetic Identity Fraud Happen?

This type of fraud typically occurs when a fraudster obtains a real SSN and combines it with other real or false information to fabricate a new identity. Criminals may cultivate this synthetic identity for months or even years, building up a credit history before borrowing large sums of money and then disappearing.

What Happens if You’re the Victim of Synthetic ID Theft?

The impact of synthetic identity theft varies depending on the crimes committed using the victim’s information. Victims may experience damaged credit or delinquent balances tied to their credit profile. In some cases, individuals may be denied government benefits because their SSN was used fraudulently.

How to Avoid Synthetic ID Theft

To protect yourself from synthetic identity theft, it’s crucial to keep your sensitive information secure. Here are some tips:

• Keep your SSN private: Avoid sharing your SSN unless absolutely necessary. Ask if alternative identification can be used.
• Avoid sharing personal information online: Be cautious about posting details like your full birthdate or old addresses on social media.
• Beware of phishing attempts: Scammers may pose as legitimate organizations to steal your information. Never give out your SSN to unsolicited callers.
• Lock your credit reports: Locking your credit file can prevent fraudsters from opening new credit accounts in your name.

What to Do if You’re the Victim of Synthetic ID Theft

If you suspect your information is being used fraudulently, take the following steps:

• Report it to the FTC: Visit IdentityTheft.gov or call 877-438-4338 to report identity theft.
• Contact the credit bureaus: Notify Experian, TransUnion, and Equifax of any unauthorized accounts and place a fraud alert on your credit report.
• Notify financial institutions: Inform your bank, credit card issuers, and insurance companies about the fraud.

The Bottom Line

Synthetic identity theft can go undetected for a long time, especially if the victim isn’t actively monitoring their credit. Prevention is your best defense. Be cautious with your personal information and skeptical of anyone asking for it. Regularly monitor your credit for signs of fraud and consider using credit monitoring services.

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