Synthetic identity fraud is a real problem facing the payments industry and other types of businesses. Furthermore, feedback from the Federal Reserve’s ongoing engagement with payments fraud experts and a June 2021 survey reinforces the need for synthetic identity fraud awareness and dialogue about detection and mitigation strategies.
The Fed supports the payments industry in combatting synthetic identity fraud by encouraging education, understanding and broad industry collaboration. This fraud mitigation toolkit offers a wide variety of informative resources for financial institutions, consumers and businesses. Through future phases of the toolkit, new resources will be added over time, including in the areas of synthetic identity fraud detection and mitigation.