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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 g ....
Applying artificial intelligence to pinpoint unusual benefits applications; Improving fraud-fighting cooperation between the public and private sectors. “Government needs to invest in the right platforms that give them agility to respond to changing fraud tactics,” says Jatin Maniar, CEO at Singular Key, an identity verification company. “It is important to make sure that there is a unified platform approach to reduce the cost of integration, which also has the ability to add new technologies dynamically to respond to constantly shifting fraud tactics and attack vectors.” Stimulus Fraud In 2020, the CARES Act provided $2.2 trillion for COVID-19 relief programs and benefits, including small-business loans and unemployment compensation enhancement, to millions of Americans. But there were reports that fraudsters inappropriately obtained billions of dollars worth of benefits. ....