Synthetic identity fraud continues to be a hot topic across the financial ecosystem. The Fed is taking a deeper dive into this subject in a webinar today, April 23 at 11 a.m. EST, titled 'Ask the Experts: Synthetic Identity Payments Fraud.'
Among the featured panel members will be Justin Davis, fraud manager for Digital Federal Credit Union. Learn what this team of experts has to say on this subject.
Synthetic fraud allows hackers to set up accounts in a person’s name that appear to be authentic, but are in fact fictitious. The construction of new synthetic IDs is based on combining truthful and false information to build a credit file and then open new accounts, which is perpetrated at scale by opening hundreds of new accounts.
“Synthetic identity payments fraud is rising due to large-scale data breaches, use of static information for identification, the shift to remote payments channels and remote applications for payment accounts, a lack of identifiable victims reporting fraud – and high payoffs for fraudsters. A better understanding of synthetic identity payments fraud can improve our ability to address it," said Ken Montgomery, First Vice President & Chief Operating Officer for the Federal Reserve Bank of Boston.
