Recently, the Federal Reserve board introduced a Synthetic Identity Fraud Mitigation Toolkits. The free toolkit consists of four modulus that provide a quick introduction to the topic.
- Synthetic Identity Fraud: The Basics– explains what synthetic identity fraud is, why you should care, and why fraudsters commit this type of fraud.
- How Synthetic Identities are Used– describes what is hiding in your portfolio and how fraudsters use synthetics to commit fraud and increase their payouts.
- When Synthetics Become a Reality– outlines examples of common synthetic use cases.
- Detecting a Synthetic Identity– provides tools to help colleagues and consumers identify and prevent synthetic identity fraud.
The Fed plans future releases of the toolkit that will expand on the insights and resources in the toolkit’s initial release.