Information overload can be a hindrance for organizations that are dealing with synthetic identity fraud. There are so many fraud threats and variations that require specialized anti-fraud products and services. The challenge is finding the best options to specifically detect and prevent synthetic identities.
In speaking with financial institutions and other payments experts about synthetic identity fraud for a number of years, questions have escalated from ‘What is it?’ and ‘How can I detect it?’ to ‘What can I do about it?’ The Federal Reserve has expanded its Synthetic Identity Fraud Mitigation Toolkit to enhance awareness and understanding of synthetic identity fraud – and to help people and organizations reduce the time they spend to locate service providers and their mitigation offerings for this type of fraud.
Vice President of Payments Improvement
Federal Reserve Financial Services
The latest addition to the toolkit, Module 9: Fraud Mitigation Service Providers (Off-site), provides a list of synthetic identity fraud mitigation service providers in alphabetical order. Each listing includes the name(s) of the provider’s synthetic identity fraud detection and prevention offering(s), a brief description and links to the organization’s website and a contact. The Federal Reserve expects to periodically update this list with additional service provider submissions that meet the criteria for inclusion.
Note
The synthetic identity fraud mitigation toolkit was developed by the Federal Reserve to help educate the industry about synthetic identity fraud and outline potential ways to help detect and mitigate this fraud type. Insights for this toolkit were provided through interviews with industry experts, publicly available research and team member expertise. This toolkit is not intended to result in any regulatory or reporting requirements, imply any liabilities for fraud loss, or confer any legal status, legal definitions, or legal rights or responsibilities. While use of this toolkit throughout the industry is encouraged, utilization of the toolkit is voluntary at the discretion of each individual entity. Absent written consent, this toolkit may not be used in a manner that suggests the Federal Reserve endorses a third-party product or service.
