Traditional Identity Theft Steals A Real Person’s Information – Synthetic Identity Fraud Creates A Completely New, And Completely Fictitious Entity
ATHENS, GA, USA, June 22, 2021 /EINPresswire.com/ — Synthetic Identity Fraud is a particularly insidious form of Identity Theft that creates a completely new, and completely fictitious identity out of whole cloth. Based on a Social Security Number with no associated credit profile, the Fraudster creates a complete identity not associated with any real person and thus an identity that is very hard to trace.
Dealer Profit Services has released a new White Paper focused on this rapidly growing form of fraud, the risk it presents to boat dealers and outlining some steps that dealers can take to help mitigate their risks.
â€œThis synthetic identity fraud is a new and rapidly growing risk for boat dealers. The cost can be quite high and recovery rates are quite low,â€� says Myril Shaw, COO of Dealer Profit Services. â€œDealers in the automotive space have already been very significantly affected. The impact on boat dealers is sure to follow â€“ unless they step up now and implement the needed procedures to reduce their risks of this new form of fraud.â€�
Lenders and credit bureaus are implementing aggressive new technology solutions to help detect and prevent synthetic identity fraud. Dealers who use and enforce commonsense fraud detection practices, coupled with these new technologies can significantly reduce the risks associated with this potentially expensive fraud.
â€œGetting ahead of the threat and taking the right steps is a big deal in reducing potential exposure and expense,â€� says Shaw. â€œAction now helps prevent unrecoverable expense later.â€�
Questions may be directed to: firstname.lastname@example.org.
The White Paper, â€œSynthetic Fraud â€“ The Latest Threat to Marine Dealersâ€� can be accessed here.
Dealer Profit Services, LLC