Defining Synthetic Identity Fraud: Federal Reserve Launches Focus Group
Federal Reserve Banks
Synthetic identity fraud accounts for billions of dollars in credit losses annually, but experts say that differing definitions of synthetic identity fraud within the industry make it difficult to fully quantify the impact of this type of fraud on the U.S. financial system.
Responding to this challenge, the Federal Reserve is launching a focus group of experts to create an industry-recommended definition of synthetic identity fraud and a suggested approach for voluntary industry application. Read our latest article for details on this effort.