Application Fraud is a form of identity fraud that involves a fraudster applying for a new account in a service or product using stolen or synthetic identities. The targets are often bank accounts, credit or debit cards, public administration, e-commerce, and loans, to name a few. It should be pointed out it’s not a just financial related threat. Fraudsters target public administrations to hijack tax refunds or pension funds, or e-commerce loyalty programs. This type of fraud is often the consequence of previously accomplished data breaches that provide the fraudster with massive personal information data sets. These are used to forge synthetic identities or to impersonate somebody else.
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