New, Frightening Form of ID Theft

New, Frightening Form of ID Theft
Posted By: John Matarese
There's a rapidly growing form of identity theft that's being touted as the most sinister yet.
You may be a victim right now and not even know it for years. What's worse? It's almost impossible to prevent.
Thieves are taking identity theft to a whole new level. Just ask attorney Mari Frank who represents plenty of victims too devastated to talk.
Mari Frank, Attorney, says"I had a woman who called me who had found out that someone used her Social security number with a different name to work."
Seven years later, the IRS tracked down frank's client, and had charged her with thousands of penalties and fees.
Why it's Called "Synthetic" Theft
She was a victim of synthetic identity theft. Unlike traditional ID theft, crooks steal your social security number...But tie it to a different name...Creating a new, fictional person.
Frank says "It is actually more insidious and more frightening for a victim."
The thieves open bank accounts and credit cards...Even get jobs ...Yet it can take years to uncover. Why? It's difficult for the authorities and creditors to unravel all the mismatched information. Five years ago, this crime was hardly seen.
Stephen Coggeshell of ID Analytics says "Eighty-five to ninety percent of identity fraud is really this synthetic ID fraud, as opposed to the true name identity theft."
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