To continue addressing the growing threat of synthetic identity fraud (SIF) – which is often miscategorized and misunderstood – new resources targeting education and awareness, detection, and mitigation strategies are being developed for the payments industry.
In April of this year, the Federal Reserve released an industry-recommended definition of synthetic identity fraud, which was developed in collaboration with payments fraud experts. This common definition is an important step toward more consistent identification and classification, which can help the industry begin necessary conversations about this issue.