FiVerity CEO Greg Woolf is honored to be selected as an expert in the Federal Reserve’s Synthetic Identity fraud focus group. The Federal Reserve has been proactive and passionate in educating the industry to help reduce fraud risk and advance the safety and security of the U.S. payment system. FiVerity has partnered with The Federal Reserve’s FedPayments in their initiatives to raise awareness and encouragement of industry action against Synthetic Identity fraud (SIF).
The U.S. payment system faces dynamic, persistent, and rapidly escalating threats as technological developments in cybercrime make it easier than ever to commit fraud. The Federal Reserve is taking an active role to help the industry understand and address some of these challenges as a leader and catalyst in the U.S. payment system.
Differing definitions of SIF make it difficult to fully quantify the impact. In response to this challenge, the Federal Reserve’s focus group of experts are creating an industry-recommended definition of SIF and are suggesting approaches for industry application.
A shared understanding of what constitutes synthetic identity fraud is expected to improve measurement, reporting and detection of synthetic identity fraud. In addition, common usage of this definition can allow broader comparison and analysis of data about synthetic identity fraud. It also may contribute to increased industry awareness of this type of fraud.
FiVerity looks forward to helping address these challenges to help combat the growing threat of synthetic identity fraud along with a continued partnership with the Federal Reserve Bank and other industry thought leaders.
Learn more about the launch of the focus group here.