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What is synthetic identity fraud? Fake people with real details

By SendPay Business · · 2 min read

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Synthetic identity fraud is when criminals create a new, fake person by mixing real details, such as a stolen ID number, with made-up ones like a new name and date of birth. Because there's no single real victim checking their records, it can go unnoticed for a long time.

How it usually happens

  • A fraudster combines real and invented details into a new identity.
  • They apply for accounts or credit, and early rejections still create a credit record.
  • They build a good history with small, repaid amounts over months.
  • They borrow or spend as much as possible, then disappear. This is often called a bust-out.
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Warning signs

Thin credit files that grow quickly, details that don't match across sources, several applicants sharing one phone number or address, and newly created email addresses and online footprints.

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What it does

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How firms fight it

Strong identity checks, document and selfie matching, checking details against several data sources and watching for shared details across applications all help spot identities that don't belong to a real person.

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Where SendPay fits

SendPay platforms give your customers GBP, EUR and USD accounts, transfers and branded Visa cards under your own brand, powered by licensed partners who run the required identity checks.

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How it works

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  1. Name it and pick your colours
  2. Choose what it does
  3. Launch when you are ready

Why sign up

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It's all about creating your own financial platform with ease. Start with a free account today.

  • A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
  • Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
  • A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
  • Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

What do identity checks cost per customer?

Work out the cost per verified customer after drop-offs and manual reviews, from your own numbers.

KYC cost calculator →
What is identity theft?

Using a real person's details without permission.

Identity theft →
What are KYC and AML?

The checks that confirm who customers are.

KYC and AML →
What is account takeover fraud?

Criminals taking control of a real account.

Account takeover →

Read next

Spotted a mistake or something out of date? and we'll fix it. How our guides are made

This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.