Synthetic identity fraud: Exposing the modern-day Frankenstein monster

WHO are these Frankenstein monsters walking silently in our midst? Like Mary Shelley's original character, they are made up of parts of real people.

Fraudsters have found a new innovative way to steal money. As data breaches proliferate, countless stolen identity credentials and other critical information are ending up in the hands of these fraudsters, who are then able to pose as legitimate users behind the cloak of the Internet.

Today, synthetic identities - based on a combination of real and false personal data - are being used to defraud organisations like banks, insurers, telecommunications services providers, and even governments.