These Crooks Got 25,000 Credit Cards For Non-Existent People

MoneyTips

It's bad enough when someone steals your identity and opens accounts in your name. What happens if thieves steal part of your identity and use it to create a non-existent person?

Synthetic identity theft occurs when criminals "synthesize" a false identity using made-up Social Security numbers and other personal information. Sometimes, synthetic identity thieves start with a single piece of real information – for example, a child's stolen Social Security number – and fill in the rest with false information. Once the false identity has been created, thieves rack up huge bills under the identity and simply disappear, sticking creditors with the losses.

When criminals pool their talents, synthetic identity theft can reach astonishing scale. According to the