In chief megan murphy. A story on synthetic Identity Theft. I had not heard of this. Megan it is a really troubling and quite spooky story about how fraudsters are doing Something Different than just stealing existing identities. They are actually compiling their own identity. What is so fascinating is its a long game. This can take months, even years to pay off. They have to keep establishing the identity, keep applying for credit for the ultimately cash out. Oliver it is like a weird ponzi scheme of credit fraud. What is interesting is you guys detailed somebody in the story, the actual degree to which they are able to do this. 340,000 using credit cards. A fleet of vehicles. How does it get so out of control . Megan they basically try to come up with Social Security numbers they might be going to be used that have not been used, or they take an existing number. They will use it to apply for credit with no address. The Credit Card Companies frequently reject these applications. But o
Carol we are here with editorinchief megan murphy. And in the finance section a , story on synthetic Identity Theft. I had not heard of this. Megan it is a really troubling and quite spooky story, about how fraudsters are doing Something Different than just stealing existing identities. They are actually compiling their own identity. What is so fascinating is its a long game. This can take months, even years to pay off. They have to keep establishing the identity, keep applying for credit for the ultimately cash out. Oliver it is like a weird ponzi scheme of credit fraud. But what is interesting about this is, you guys detailed somebody in the story, the actual degree to which they are able to do this. 340,000 using credit cards. A fleet of vehicles. I mean, how does it get so out of control . Megan heres what they do. They basically try to come up with Social Security numbers they might be going to be used that have not been used, or they take an existing number. They will use it to a
In chief megan murphy. A story on synthetic Identity Theft. I had not heard of this. Megan it is a really troubling and quite spooky story about how fraudsters are doing Something Different than just stealing existing identities. They are actually compiling their own identity. What is so fascinating is its a long game. This can take months, even years to pay off. They have to keep establishing the identity, keep applying for credit for the ultimately cash out. Oliver it is like a weird ponzi scheme of credit fraud. What is interesting is you guys detailed somebody in the story, the actual degree to which they are able to do this. 340,000 using credit cards. A fleet of vehicles. How does it get so out of control . Megan they basically try to come up with Social Security numbers they think might be going to be used that have not been used, or they take an existing number. They will use it to apply for credit with no address. The Credit Card Companies frequently reject these applications.
Theft. I had not heard of this. Megan it is a really troubling and quite spooky story about how fraudsters are doing Something Different than just stealing existing identities. They are actually compiling their own identity. What is so fascinating is its a long game. This can take months, even years to pay off. They have to keep establishing the identity, keep applying for credit for the ultimately cash out. Oliver it is like a weird ponzi scheme of credit fraud. What is interesting is you guys detailed somebody in the story, the actual degree to which they are able to do this. 340,000 using credit cards. A fleet of vehicles. How does it get so out of control . Megan they basically try to come up with Social Security numbers they think might be going to be used that have not been used, or they take an existing number. They will use it to apply for credit with no address. The Credit Card Companies frequently reject these applications. But over time with the volume of applications they a