The current administration not only faltered in securing our boarder, but also jeopardizing the safeness of our cities and personal identities. Illegals crossing the border knowingly commit the crime, identity theft is next on their list. I enjoy diversity, however, come to this country legally, besides the fact, illegal immigration also effects legal immigration processes to be delayed.
What is Frankenstein Fraud?
Business owners like Hispanic Americans and business owners with ethnic surnames are a major source for Frankenstein fraud also known as synthetic identity theft. Exactly, how does this new type of synthetic identity theft affect you? To start, it attracts perpetrators who are hungry for a new counterfeit identity. Pretty much, Frankenstein identity theft is a system of combining two or more identities and creating one brand new identity to be sold in the black markets. This is a quick example of how Frankenstein identity theft works: Mr. “J” has impeccable credit and does not have an ethnic sounding surname. Mr. “J”’s credit file was stolen by fraudsters and his credit information was used to create a brand new counterfeit synthetic identity, combining it with an ethnic sounding surname with his credit file. Result, a combination of a counterfeit name, with a real credit file establishes a brand new synthetic identity. When the synthetic identity is established, the perpetrator who paid for the Frankenstein fraud may apply for business loans, credit cards, loans, lines of credit and mortgages. To the extent of paying for a fake voter identification card with the synthetic identity that was purchased.
Frankenstein fraud aka synthetic identity theft is on the rise because of the demand. It only costs $1,000 or less to ruin your credit file by fraudsters selling your information and compromising it with a Frankenstein fraud scheme.
Who are the Victims?
Who are the leading victims of Frankenstein Fraud? The answer is financial institutions, they are the most vulnerable for Frankenstein fraud aka synthetic identity theft. Financial institutions taking losses due to synthetic identity theft is a cost to all. The second leading victim would be Americans who are 70 or better and third Hispanic Americans. Many Hispanic Americans are hardworking business owners who do not deserve their identity to be compromised or sold.
What can the average American and business owner do with no or minimal fees to protect your identity? Check your credit every day and get credit alerts. Another recommendation is adding your phone number to your credit file on your “personal statement” with the credit bureaus. Request your personal statement to contact you at the listed number you provided, to verify it is you who is applying for credit. This method can save you thousands of dollars and it is additional security on your credit file. A prescription to title lock, which protects the title of your home, consider it lien and title ownership protection. Lastly, if you are not utilizing your personal credit, lock your credit file until you need to pull your credit for any type of loan application. Locking your credit file with the credit bureaus has no cost, only additional layer of security.
For more information on how this Florida boutique firm can help you with your identity theft and business identity theft please fill out the online contact form about your concerns or give us a call at 239.260.4602. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page.
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