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Prime Day key art featuring Amazon packaging and tech items next to Techradar big savings badge
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Prior to 2011, one could determine the year and location a social security number was issued based on the last four digits. And if one knew the last four digits, it was easy to discover the first five numbers which, in turn, increased financial crimes such as application fraud, medical identify theft, and even child identify theft.
Cybercriminals also boost credit scores for synthetic identities by adding authorized users to credit card accounts. Also known as credit piggybacking, fraudsters attach the synthetic identity as an authorized user on an account in good standing. If this account has a strong credit history, a good debt ratio, and has been open long enough, a synthetic profile can go from a poor credit score to a high 700 score in 30 days without setting off any fraud alerts. And the higher the credit score, the lower the risk for the thief when applying for fraudulent accounts. A stronger, more established credit history also makes it easier to bypass fraud and anti-money laundering detection software. Still, there is one powerful tool to help law enforcement and identity theft victims: identity verification software.
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Prior to 2011, one could determine the year and location a social security number was issued based on the last four digits. And if one knew the last four digits, it was easy to discover the first five numbers which, in turn, increased financial crimes such as application fraud, medical identify theft, and even child identify theft.
Cybercriminals also boost credit scores for synthetic identities by adding authorized users to credit card accounts. Also known as credit piggybacking, fraudsters attach the synthetic identity as an authorized user on an account in good standing. If this account has a strong credit history, a good debt ratio, and has been open long enough, a synthetic profile can go from a poor credit score to a high 700 score in 30 days without setting off any fraud alerts. And the higher the credit score, the lower the risk for the thief when applying for fraudulent accounts. A stronger, more established credit history also makes it easier to bypass fraud and anti-money laundering detection software. Still, there is one powerful tool to help law enforcement and identity theft victims: identity verification software.
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