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08/20/2021
Arming the Industry with Resources to Fight Synthetic Identity Fraud
The Federal Reserve
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.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
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Resources
Your electronic library to help in fighting financial fraud for all of our partners.
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