BONUS: 5 steps for prevention.
By Barry J. Friedman, CPA
IndustryNewsletters
By combining some factual stolen information with completely fake information, thieves convince banks and credit monitoring companies that a fake identity is real. The “bad guy” is not pretending to be the person whose information was stolen or acquired; rather, the data is being used to create a brand-new identity. Thus, the phrase “synthetic identity theft” is born.
MORE: Why Padding Tax Deductions Is a Risky Proposition | Yes, Home Equity Loans May Still Be Deductible | Social Security Hike the Largest in 7 Years
Exclusively for PRO Members. Log in here or upgrade to PRO today.
But how do these scams work?
TO READ THE FULL ARTICLE
