Synthetic identity fraud

Synthetic identity fraud,

Definition of Synthetic identity fraud:

  1. A method of identity theft whereby one party collects personal credit and/or banking information and alters it slightly for the purpose of obtaining credit. For example, making a one-digit change to a social security number. Often a credit reporting agency will assume a typographical error and allow creditors access to the original account.

Meaning of Synthetic identity fraud & Synthetic identity fraud Definition