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Houston Police Warn Auto Dealerships About Synthetic Identity Fraud

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Houston Police Warn Auto Dealerships About Synthetic Identity Fraud

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Questions and Answers

What type of fraud was the woman caught attempting?

Vehicle theft

Synthetic identity fraud (correct)

Credit card fraud

Identity theft

How did the police describe the synthetic identity used by the suspect?

An entirely fabricated identity (correct)

A stolen identity from another person

A combination of real and fake information

An identity created by hacking government databases

What was the value of the car the suspect attempted to purchase using the synthetic identity?

$36,000 (correct)

$56,000

$46,000

$26,000

How did the dealership employees respond when they suspected fraud?

They called 911, and the suspect was arrested Signup and view all the answers

According to the police sergeant, what makes fully synthetic identities concerning?

The potential for large-scale financial losses Signup and view all the answers

What does Scher say fraudsters do to create synthetic identities?

They use a combination of real and fake personal information to trick credit bureaus into lending credit. Signup and view all the answers

Why does the Houston Police Department (HPD) send out dealer alerts to the auto industry?

To warn dealerships about potential fraud before it happens. Signup and view all the answers

According to Alan Hman, what does he have to be meticulous about in every car deal?

Verifying the authenticity of the buyer's identity and financial information. Signup and view all the answers

According to Scher, who ultimately bears the burden of synthetic identity fraud?

The consumers, in the form of higher prices and rates. Signup and view all the answers

Based on the text, what does Scher expect regarding the future trend of synthetic identity fraud?

It will gain momentum and become more widespread unless effective measures are taken. Signup and view all the answers