Payments News

On The Web

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Risk

Synthetic IDs Are Key to Solving Fraud’s Whack-a-mole Game

“Credit card and bank account fraud have soared during the pandemic, with fraudsters intercepting consumer data via retail and banking disruptions and worsening synthetic ID fraud. Lenders say synthetic ID fraud risk will be their top area of concern for the next two years, according to a new study by Aite Group, with nearly three-quarters […]

On The Wires

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Reports

Federal Reserve System White Paper Examines Mitigation of Synthetic Identity Payments Fraud

“The Federal Reserve today released the latest in a series of publications about synthetic identity fraud – a white paper titled Mitigating Synthetic Identity Fraud in the U.S. Payment System. A synthetic identity is created by using a combination of real information (such as a legitimate Social Security number) and fictitious information (which can include […]