Defining Synthetic ID Fraud: How It Helps With Mitigation
gsuparna) • April 14, 2021 Get Permission Now that the Federal Reserve has issued a definition for synthetic ID fraud, fraud-fighting efforts likely will improve because it will be easier to identify red flags, some security experts say. The Fed has defined synthetic ID fraud as the use of a combination of personally identifiable information to fabricate a person or entity in order to commit a dishonest act for personal or financial gain. “You can t manage what you can t measure. Without a common definition, it was hard to determine the significance of synthetic ID fraud and the best way to remedy it, says Greg Woolf, the founder and CEO at FiVerity, who was one of 12 fraud experts participating in a focus group that helped the Fed craft the definition. And more importantly, without a clear definition and greater consensus, the