The Federal Reserve is developing a toolkit of insights and resources to help financial institutions, consumers and businesses address the growing threat of synthetic identity fraud.
The Federal Reserve engaged experts from across the payments ecosystem to explore how the industry-recommended definition of synthetic identity fraud is being used to help mitigate this type of fraud.
The Federal Reserve convened a cross-industry focus group of 12 fraud experts to develop a recommended definition of synthetic identity fraud.
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.