WASHINGTON—The Federal Reserve is holding a webinar Tuesday on synthetic identity payments fraud, after reporting a similar webinar in the Fall of 2018 was “standing room only.” It has now expanded the event to one hour.
“Fraudsters increasingly use synthetic identities to commit payments fraud,” the Fed said. “A synthetic identity is created by using a combination of real information (such as a legitimate Social Security number) with fictional information (which can include a made-up name, address or date of birth). However, the very nature of this fraud makes it difficult to determine the scope of the problem, much less how to prevent it.”
The Federal Reserve and industry experts will explain the issue, contributing factors and how it affects the payments industry, the Fed explained.
Panel Members
The webinar panel:
- (Moderator) Jim Cunha, senior vice president, Federal Reserve Bank of Boston
- Ken Meiser, chief compliance officer, ID Analytics
- Justin Davis, fraud manager, Digital Federal Credit Union
- Kirk Stockton, senior vice president – enterprise fraud management and controls, Bank of America
The Federal Reserve’s newly published executive summary provides an overview of how synthetic identity payments fraud occurs. The event begins April 23 at 11 ET. To register, go here.