This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
11/02/2021
Defining synthetic identity fraud once and for all
Security
I had the honor of serving on a Federal Reserve committee this past winter to define synthetic identity fraud. The result of this effort was the release of a paper that defines it for the industry, an essential step forward in the fight against this pervasive threat.
Fraudsters Thrive on Imprecision
Synthetic identity fraud can be a perfect crime. Fraudsters can simulate information and find loopholes to register that information in credit systems. It often goes unnoticed because there is no consumer victim contacting a lender to report a fraudulent account. Financial institutions often treat losses tied to synthetic identities as credit losses because they lack any ties to real consumers who report a stolen identity. This makes it hard for banks to identify and remediate in their fraud queues.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information