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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Risk

Federal Reserve System Announces Industry-Recommended Definition of Synthetic Identity Fraud

“The Federal Reserve today announced an industry-recommended definition of synthetic identity fraud, which was developed by a focus group of fraud experts in response to a widespread issue: differing definitions in use make it difficult to identify and address this type of fraud…The industry-recommended definition of synthetic identity fraud (SIF) is the use of a […]
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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 […]