Being the victim of fraud can put a lot of things at risk for a company. One type of fraud that is becoming a bigger and bigger problem lately in the business world is payments fraud. This is underscored by the results of a survey by The Association for Financial Professionals.
Synthetic identity theft involves the creation of an entirely new identity. An individual begins the synthetic identity theft process by taking a real Social Security number from someone who isn't using it. The "synthetic identity thief" then adds a fictitious birth date, name and address to the Social Security number.