Digital Article Repository: Fraud and Risk

NASCUS Report Article Repository: Fraud and Risk


The Federal Reserve Releases a Synthetic Identity Fraud Mitigation Toolkit

Courtesy of the Federal Reserve Banks

Synthetic identity fraud, where fraudsters create an identity out of pieces of real and/or fictitious information, resulted in an estimated $20 billion in losses (Off-site) for U.S. banks and financial institutions in 2020. Taking the next step in its years-long commitment and engagement with fraud experts to support the payments industry in its battle against fraud, the Federal Reserve has now released a Synthetic Identity Fraud Mitigation Toolkit.

This new toolkit will be expanded throughout the year, and provides useful insights and resources for identifying and mitigating synthetic identity fraud – specifically, to:

  • Increase education and awareness about synthetic identity fraud.
  • Enable the payments industry to better identify and fight synthetic identity fraud.
  • Foster payments industry collaboration on synthetic identity fraud mitigation.

Financial institutions, consumers and businesses can explore the online repository for downloadable resources on a variety of topics, including:

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