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Synthetic ID Fraud: A refined version of Identity Theft – Cyber-Forensics.net urges to be vigilant

Synthetic ID Fraud: A refined version of Identity Theft - Cyber-Forensics.net urges to be vigilant
Written by Publishing Team

Online hackers use an enhanced version of identity theft called synthetic identity fraud to steal credit card information from potential individuals.

When Social Security numbers are attached to synthetic identities, theft is harder to detect. Negative credit reports are credited to real customers.

– Timothy Benson, Senior Analyst

SOFIA, Bulgaria, December 23, 2021 / EINPresswire.com/ – Identity theft is an ever-evolving crime. As cyber forensic experts and individuals follow the latest identity theft schemes, fraudsters are once again adjusting their tactics. Fraudsters now collect information from multiple individuals and create false identities, an “artificial identity” theft technique.

Cyber-Forensics.net, the world’s leading electronic forensics service for online fraud, says scammers collect multiple stolen Social Security or Insurance numbers, abandoned property addresses, fake names, and birth dates.

Using this information, scammers apply for a credit card. Initially, the credit card application may be rejected because scammers pretending to be real customers do not have any credit profiles. But this creates a record of someone who does not necessarily exist.

The scammer then adds that person to one or more legitimate accounts. Over time, they have built a reliable credit history. Once a high credit limit is approved, the scammers charge their credit cards to the limit, pay nothing, ignore the fake ID, and disappear.

Timothy Benson, Senior Analyst at Cyber-Forensics.net explains, “When Social Security numbers are attached to synthetic identities, theft is harder to detect. Adverse credit reports are tied to real customers. This means that fraud alerts, monitored credit, and credit freezes cannot stop fraudsters. As a result, unpaid bad debts affect individuals’ ability to obtain loans or credits.

Measures to Avoid Synthetic Identity Fraud Attacks

Minimize exposure to personal information: Never share Social Security numbers or Social Security numbers if it is not necessary. When a business individual asks for such valuable information, never be afraid to ask for their identity and position in the department they claim to belong to.
Protecting Children’s Personal Information: Since a minor cannot open a loan or credit card on their own, the lack of information in their credit history proves beneficial to fraudsters. A fraudster might use a child’s Social Security number in the same way, to: get a bank account, open a credit card, apply for a job, rent an apartment, etc.
Monitor Transactions: Monitor unknown phone calls and emails received. Be careful if something is wrong or seems out of context.

What can victims of artificial identity fraud do if they are scammed?
No matter how much criminals accrue, some agencies limit the account holder’s liability to a minimum fee. Many credit card companies often waive the cost entirely with no liability policies in place.

Therefore, the account holder does not incur any or less charges in most cases if the credit card is reported stolen and used for unauthorized transactions.

This means that the customer can get his money back. But to do that, victims need to take some necessary steps and secure their credit account:

Contact the credit card company: Contact the company as soon as there is any suspicious activity. Credit card service companies can conduct an investigation and check for fraudulent activity and immediately cancel all hacked activity.
Update Security Details: Change any hacked PINs, security information or passwords online.
Contact a credit bureau: Contact any credit bureaus such as Experian, Equifax, or TransUnion- to set up security alerts on credit reports.
Frequently check bank statement: Notify the bank immediately and check transaction activity for foreign transactions.

How to recover money lost from synthetic identity theft?
In the case of identity theft or unauthorized use of personal information, the sooner the victim acts on the Internet, the better. Being deceived into giving out personal information is actually the worst. However, recovery is about more than just recovering financial losses. As recommended by internet experts, the following steps can help individuals protect from further thefts.
Money Theft Insurance: Check your homeowner’s policy to see if it includes coverage for fraud losses and reimbursement for expenses related to identity theft.
Consider consulting tax professionals: Calculating the fraud loss deduction can be complicated. Seeking help from professional IRS agents can eliminate complex exceptions.
Consult a Financial Advisor: Losses due to fraud require professional help from financial advisors. A financial advisor may help examine the current situation and guide victims on the path to rebuilding savings. Reduce interest charges or reduce any additional spending.
Recover lost money for identity theft: It is best to consult a lawyer or a company that specializes in recovering money. Victims of online fraud should ensure that the services provided cover the fees for the refund process. Check if the agency is licensed and has a history of complaints. Also note that in many cases, asset recovery companies charge a set fee.

About Cyber-Forensics.net
Cyber-Forensics.net is committed to providing the most accurate tracking service for victims of online scams. Cyber-Forensics.net enables and simplifies the process of tracking down cybercriminals, aids in the recovery of funds, and creates an atmosphere for a negotiated settlement. For more information, please visit https://cyber-forensics.net/.

Peter Thompson
Cyber-Forensics.net
+1 917-920-6613
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