Creating Phantoms: How Fraud Actors Build Synthetic Identities
Proving who you are relies heavily on documents and data. Fraud actors exploit this reliance by not stealing existing identities, but by creating entirely new ones from scratch. These "phantoms" are meticulously built, piece by piece, designed to appear legitimate to your organization with the goal of committing fraud. So, what exactly is a synthetic identity, and how do these digital phantoms operate?