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Recently, the Federal Reserve updated a synthetic identity fraud mitigation toolkit offering new information regarding fraud detection technology and data sharing and discussing the value of fraud information sharing within the industry to help fight synthetic identity fraud. As previously covered by InfoBytes, in February, the Fed released the synthetic identity fraud mitigation toolkit intended to help financial institutions, businesses, and consumers improve awareness, detection, measurement, and mitigation of identity fraud. The recent updates in the toolkit provide guidance on enhancing organizations' ability to prevent and mitigate synthetic identity fraud using a variety of detection and prevention technologies and approaches. Topics contained in the toolkit include insights and downloadable resources covering, among other things: (i) the basics of synthetic identity fraud; (ii) how synthetic identities are used; (iii) when synthetics become a reality; (iv) detecting a synthetic identity; (v) validating identities; and (vi) identifying synthetics.
Recently, the Federal Reserve released a synthetic identity fraud mitigation toolkit to help financial institutions, businesses, and consumers improve awareness, detection, measurement, and mitigation of identity fraud. The Fed emphasized that synthetic identity fraud (in which fictitious people are created to penetrate the financial system) is a challenge facing the payments industry and other businesses and continues to grow in frequency and impact. Synthetic fraud accounted for an estimated $20 billion in losses to U.S. financial institutions in 2020, the Fed stated, stressing the need for synthetic identity fraud awareness and continued discussions about detection and mitigation strategies. The toolkit contains several modules, including resources on the basics of synthetic identity fraud, how fraudsters use synthetic identities, what to do when synthetic identities become a reality, and how to detect synthetic identities. Additional resources will be added in the future, including more on synthetic identity fraud detection and mitigation.
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