How to get a fake social security number | Matthew Cox and Lex Fridman

TL;DR

Synthetic identity fraud involves creating fake identities to obtain credit cards and loans, exploiting flaws in the system.

Transcript

I remember one time I had a woman come in and she came in and she had perfect credit she had like 750 credit scores I mean it was perfect and she came in and uh one of the Brokers came in and said hey man he's can I show you something I was like yeah what's up he he was look he said I've got this This Woman's W2s here I said okay I looked at him an... Read More

Key Insights

• 🥺 Divorce and a desire to rebuild credit led the woman to commit synthetic identity fraud.
• 💳 The credit system favors those with established credit histories, making it difficult for individuals with bad credit or no credit to get a fresh start.
• 🥳 The narrator learned how to create a fake birth certificate and obtain social security numbers, highlighting vulnerabilities in the system.
• 💳 Synthetic identity fraud can result in the creation of multiple "phantom borrowers" with substantial credit profiles.
• 👻 Credit scores can be generated in as little as six months for synthetic identities, allowing them to qualify for significant loans.
• 💳 Synthetic identity fraud can potentially yield tens of thousands of dollars in credit cards and personal loans.
• 💄 Synthetic identities can be leveraged to buy properties, making each identity worth millions.

Questions & Answers

Q: Is using someone else's social security number illegal?

Yes, using someone else's social security number without their consent is illegal and constitutes identity fraud.

Q: How did the woman create a credit profile under her maiden name?

After switching to her maiden name, the woman used her child's social security number to obtain utilities, credit cards, and eventually a car loan, building her credit history.

Q: Is synthetic identity fraud ethical?

Synthetic identity fraud is both illegal and unethical. It undermines the integrity of the credit system and disadvantages those who play by the rules.

Q: What are the consequences of synthetic identity fraud?

In addition to potential legal repercussions, individuals who engage in synthetic identity fraud may face difficulties in obtaining loans, apartments, or utilities legitimately.

Summary & Key Takeaways

• A woman with a perfect credit score used her child's social security number to build credit under her maiden name after a divorce.

• The narrator, a broker, helped the woman secure a loan despite the fraudulent use of a social security number.

• The narrator discovered how to create synthetic identities and exploit the system to obtain credit cards and loans.