As your local, community-focused bank, First National Bank of Mount Dora (FNBMD) places a high priority on protecting our Lake County neighbors from evolving forms of fraud. One of the fastest-growing threats in Florida and across the country is Synthetic Identity Fraud, often called Synthetic ID.
This article explains what Synthetic IDs are, how criminals use them, and — most importantly — how you can take practical steps to safeguard yourself and your family.
What Is a Synthetic ID?
Synthetic Identity (Synthetic ID) is a type of fraud where criminals combine real personal data with fabricated information to create a new, blended identity. Unlike traditional identity theft — where a criminal impersonates an existing person — synthetic ID fraudsters build a brand-new identity that does not belong to a real individual.
Common elements used to create a Synthetic ID
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A real Social Security Number (SSN)
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A fabricated name, address, or date of birth
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Additional falsified documents used to strengthen the identity
Why Synthetic ID is hard to detect
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The resulting identity doesn't match a real person, making verification difficult.
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Fraudsters often “nurture” the identity for months or years before committing major theft.
How Criminals Use Synthetic IDs
Once criminals establish a working synthetic identity, they can leverage it for various types of financial fraud.
Fraud Lifecycle
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Credit File Creation
A fraudster applies for credit to generate a new credit profile linked to the stolen SSN.
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Credit Building
The identity may receive small credit lines, appearing legitimate over time.
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Bust-Out Fraud
Criminals max out available credit and disappear.
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Additional Misuse
Synthetic IDs can be used for tax fraud, healthcare fraud, loan fraud, online account takeovers, and money laundering.
Who Is Most at Risk?
Synthetic ID fraud often targets individuals whose personal information is unlikely to be monitored. High-risk groups include children and minors, seniors, individuals with limited credit history, and victims of data breaches.
Why Lake County residents should care
Florida consistently ranks among the states with the highest identity-related fraud activity, making vigilance especially important.
How to Protect Yourself
FNBMD encourages simple, proactive steps that dramatically reduce your risk.
1. Monitor Your Credit — Even for Children
Check annual credit reports at AnnualCreditReport.com. For minors, verify that no credit file exists.
2. Freeze Your Credit
A credit freeze at all three major bureaus prevents unauthorized account openings.
3. Protect Your Social Security Number
Do not carry your Social Security card with you. Share your SSN only when required, and ask for alternatives when possible. Consider using an identity theft protection service.
4. Use Alerts & Monitoring Tools
Sign up for banking alerts that notify you of new activity, changes in contact information, or unusual spending patterns.
5. Strengthen Online Security
Always use strong, unique passwords, multi-factor authentication, and secured Wi-Fi, especially for banking. And, never share your online banking login credentials with anyone.
6. Contact FNBMD If Something Seems Wrong
As a local bank invested in the community, we can respond quickly and personally to suspected fraud.
Pros and Cons of Protective Measures
Pros
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Credit freezes drastically reduce unauthorized account openings.
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Alerts provide early detection.
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Local support from FNBMD offers fast, personal assistance.
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These tips offer better protection for children’s SSNs.
Cons
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Temporary inconvenience when applying for legitimate credit.
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Monitoring requires periodic attention.
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Fraud prevention reduces, but cannot eliminate, all risk.