Technique

New Account Fraud

Also known as: Account Opening Fraud, Credit Application Fraud, Fraudulent Account Opening

MONETIZATION

Opening credit cards, loans, or financial accounts using stolen identity information, leaving the victim responsible for fraudulent debts.

Common attack flows

How it fits in a scam

This technique shows up duringMONETIZATION

Before

After

This is often where the scam ends.

Defense

How to defend against this

How to spot it

  • Credit card statements arriving for cards you didn't apply for
  • Hard inquiries on credit report you don't recognize
  • Calls from lenders about applications you didn't submit
  • Collection notices for accounts you never opened
  • Credit score drops unexpectedly

Tools you can use

Steps you can take

Further reading