A workshop on synthetic identity payments fraud was “standing room only” at last fall’s FedPayments Improvement Community Forum. Now, the Federal Reserve has brought the topic to a wider audience with a one-hour webinar.
Fraudsters increasingly use synthetic identities to commit payments fraud. A synthetic identity is created by using a combination of real information (such as a legitimate Social Security number) with fictional information (which can include a made-up name, address or date of birth). However, the very nature of this fraud makes it difficult to determine the scope of the problem, much less how to prevent it. The Federal Reserve’s newly published executive summary (PDF) provides an overview of how synthetic identity payments fraud occurs.
See the webinar recording below to hear Federal Reserve and industry experts explain the issue, contributing factors and how it affects the payments industry. Panelists include:
- Moderator: Jim Cunha, Senior Vice President, Federal Reserve Bank of Boston
- Ken Meiser, Chief Compliance Officer, ID Analytics
- Justin Davis, CFE, Fraud Manager, Digital Federal Credit Union
- Kirk Stockton, Senior Vice President – Enterprise Fraud Management and Controls, Bank of America