Synthetic identity fraud has become a significant concern, with instances skyrocketing in recent years and causing billions in losses for businesses annually. Unlike traditional identity theft, where an existing individual's identity is stolen, synthetic identity fraud involves creating fictitious identities using a combination of real and fake information, often exploiting stolen Social Security numbers and other personal data. This type of fraud is particularly challenging to detect and can have long-term consequences for both consumers and businesses, as victims often remain unaware until financial damage is done. Businesses are urged to safeguard their systems against these threats by employing advanced fraud detection systems, monitoring anomalies, and implementing robust cybersecurity measures such as bot detection technologies like Fingerprint. Consumers should protect their personal information and regularly monitor credit reports to detect any suspicious activity. The financial, healthcare, and online retail sectors are especially vulnerable to this type of fraud due to their reliance on personal data for transactions.