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Synthetic ID Theft: When "You" Become Someone New! - YouTube
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synthetic identity fraud hi this is
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consumer protection attorney bill
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clanton
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and i've helped hundreds of people deal
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with inaccurate credit reporting bad
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background checks debt collection
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harassment and other consumer related
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matters in this video i'm talking about
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synthetic identity fraud
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synthetic identity fraud is like
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identity theft
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but
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and it begins with identity theft
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someone takes your identity and then
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creates a new identity out of that
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they may
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change your first name they may change
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some of the digits of your social may
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change your birth date use a different
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address
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it's
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kind of like you
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but it's not you
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and the reason they do this
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is because
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it may not show up on your credit report
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as quickly
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so if it's too close to your identity
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then it will show up on your credit
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report you'll realize you realize it
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and you'll put an end to it right
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if they use a synthetic identity it may
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never show up on your credit report or
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if it does it may take longer you know
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they'll run up tens of thousands i think
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the average synthetic identity thief
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is about 50 000 dollars in charges
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before they're either change identities
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or get figured out or get stopped
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somehow
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and so
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they'll run up 50 000 worth of bills and
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the banks they run up with aren't just
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going to sit around and take it they're
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going to try to figure out who it is and
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you may not know that your identity's
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been stolen or synthetic identity's been
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created out of your identity until you
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start getting sued for debts that you
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didn't take out that you don't know
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anything about that you're only learning
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about when you're getting sued
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that's when it becomes a big problem
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um
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how do they do this
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well since covid
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things have gotten easier
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you can check your
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credit report once a week now there's
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more credit information out there
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there's more data breaches than ever
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every month there's a new data breach
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and that
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information can be purchased on the dark
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web so they can figure out who you are
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where you live all the information they
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need from these data breaches and create
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an identity that is similar to yours but
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not the same
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and
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so what do you do
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when you figured out that you're the
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victim of a synthetic identity fraud you
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handle it just like identity theft
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they
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it can be hard to say they stolen your
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identity
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but that that's the genesis of this
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um
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synthetic identity so the yes they have
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while it may not seem like your
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identity's been stolen because they're
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not going on saying they're you
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your identity is being misused to create
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a false identity under which
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they are taking out credit
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and now it's affecting you so yes you
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are the victim of identity theft if your
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identity is being used
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in a synthetic identity fraud situation
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what can you do well the fair credit
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reporting act says you can dispute this
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information you can
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it's important to get a police report or
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complete an identity theft affidavit an
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ftc total trade commission
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identity theft affidavit
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and that
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is the start of the process and use that
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to dispute the information
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and the bureau should respond
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accordingly they don't always and you
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probably need to dispute it again um
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if you're going through this process
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having problems with it give us a call
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we're happy to help you out
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but be aware these synthetic synthetic
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identity fraud stirs are stealing your
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identity creating new identities and
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it's affecting your credit
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improperly
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thanks for watching this video if we can
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be of help give us a call thank you
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