A perfect Storm for Online Fraud


Online fraud is getting easier and now there's worry terrorists are using scams to raise money and move around the country undetected. So-called "Synthetic IDs" are used to open credit accounts.  

Kount.com CEO Bradley Wiskirchen says we've created a perfect storm for fraud.

"There's more data out there than there's ever been before; it's very easy to create a synthetic identity. The unintended consequence of some of the privacy regulations that are being passed around the world also make it harder for the good guys."

Wiskirchen says the scammers are also specializing.

"What I see are advertisements of 'hey I'm a specialist in XYZ and I'm looking for a specialist in ABC; let's do a joint venture, let's partner and use our various areas of expertise to commit more fraud.'"

The feds say scammers are creating fake people with unused Social Security numbers.

Kevin King of ID Analytics told Fox News “Patient fraudsters will try and mimic the patterns of young people or new immigrants – accepting poor credit offers at first and paying them off, to build up their credit score – with the ultimate goal of accessing big credit lines.”


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