Unmasking Frankenstein Fraud: The Rising Threat of Synthetic Identity Theft

The world is increasingly driven by digitization and technological advancements, and while it has made life easier for everyone, it has also brought to light newer forms of cybercrime. One such threat that is rising rapidly is synthetic identity theft. In this form of fraud, perpetrators create new identities using a mix of real and fake information to bypass security systems and gain access to sensitive data. Frankenstein Fraud, also known as synthetic identity theft, is a ticking timebomb that needs immediate attention, particularly from companies. In this blog, we will talk about the genesis of this type of fraud, the impact it has on businesses, and ways to prevent it.