When Your Customers Don’t Exist: The Reality of Synthetic Identity Fraud


Which customer is real and which is synthetic? Synthetic identity fraud is a growing problem, with the industry struggling to even identify, let alone mitigate, this type of fraud. A lack of general awareness, differing definitions and inconsistent reporting methods contribute to this challenge.

Over the past two years, the Federal Reserve has focused on increasing industry awareness of this issue and leading collaborative efforts to improve detection and mitigation, including a recent effort to develop a clear and common definition for synthetic identity fraud.

To learn more about this complex type of fraud and potential mitigation strategies join the Federal Reserve and GIACT for an on-demand webinar.

Guest Speaker

Staci Shatsoff | Federal Reserve Bank of Boston
Assistant Vice President, Secure Payments & FinTech

Staci is responsible for leading the execution of programs and strategies that advance payment security and fraud mitigation across the industry through research, outreach, and collaboration efforts.

Watch the On-Demand Recording

Consumer Scams Rising in Velocity and Sophistication_Press Release
34% of U.S. consumers were targeted by scams in 2021, Aite-Novarica Group consumer survey finds

GIACT’s report, Consumer Scams: Rising in Velocity & Sophistication, looks at the methods scammers used to target U.S. consumers, including email, text, phone, and social media. As detailed within the report’s findings, U.S. consumers were solicited through a wide range of mediums using a variety of tactics to social engineer victims into providing payment and / or sensitive payment information.

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The Impact of Identity Theft and Scams in 2021_webinar
The Impact of Identity Theft and Scams in 2021

virtually every type of financial product, commercial platform, and government support. Simultaneous
scam activity — via social media, phone, text, and email — targeted one in three U.S. consumers in 2021.
What were the results of these activities? And how will organizations deal with and overcome the fraud

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