The latest release of the Federal Reserve’s Synthetic Identity Fraud Mitigation Toolkit includes tools to help differentiate real customers from synthetics using identity validation tools and alternative data, and resources on how to identify synthetics at different stages of the relationship.
The Federal Reserve’s new Synthetic Identity Fraud Mitigation Toolkit provides financial institutions, consumers and businesses with an online repository of insights and resources for addressing this growing type of fraud.
The FraudClassifier(SM) model was released in June 2020 to help organizations speak the same fraud language and obtain a holistic picture of fraud involving payments. Explore a new video for a comprehensive overview of the model, including a step-by-step walk-through of its classification paths and supporting definitions.
The Federal Reserve convened a cross-industry focus group of 12 fraud experts to develop a recommended definition of synthetic identity fraud.
Anti-fraud professionals have the opportunity to learn about the FraudClassifier model by reading the March/April issue of Fraud Magazine, published by the Association of Certified Fraud Examiners (ACFE).
Tim Boike, Vice President, Federal Reserve Bank of Chicago, provides updates on the Fed’s collaborative efforts with the payments industry on the FraudClassifier model.
A Federal Reserve-convened focus group of fraud experts is on track to publish an industry-recommended definition of synthetic identity fraud in early 2021.
Over the past year, the Federal Reserve has spoken with over 50 industry experts on this topic for its Payments Fraud Insights white paper series. Following the release of the final white paper in this series, the Federal Reserve hosted a webinar to discuss strategies for mitigating synthetic identity payments fraud with two of these experts.
We are pleased to announce that Federal Reserve Bank of Chicago Senior Vice President Todd Aadland has been appointed as the Payments Security Strategy Leader. In his new role, Todd’s responsibilities will include chairing the Secure Payments Task Force and leading the Federal Reserve System’s activities aimed at addressing fraud …