New York Consumer Law Blog

Tuesday, March 13, 2018

The New ID Theft: Millions of Credit Applicants Who Don’t Exist

Federal regulators are warning banks and other financial institutions about an expanding area of financial theft. With increasing regularity, thieves are creating identities out of thin air and running up balances on lines of credit using the phantom identities. It’s costing the financial industry billions, and presumably the costs are being passed on to customers

Read full article here.


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