In July 2020 our CEO, Greg Woolf, had the opportunity to present with The Federal Reserve Bank on the important topic of Synthetic Identity Fraud for Banks and Credit Unions.

This webinar is helping to bring meaningful impact on educating the market about the fastest growing type of fraud along with providing a great discussion around ways to detect and mitigate Synthetic Identity Fraud.

Synthetic Identity Fraud is not a problem that any one organization or industry can tackle independently, given its far-reaching effects on the U.S. financial system, private industries, government entities and consumers.
– Jim Cunha,
The Federal Reserve Bank

 

Don’t miss the opportunity to listen to our CEO, Jim Cunha of the Federal Reserve Bank, and Jack Lynch from PSCU, to learn more about this threat and how collaboration is helping to combat Synthetic Identity Fraud.

Check it out here.

“The way to identify exactly how bad the problem is and start to plug the hole, is to systematically create a mechanism where multiple credit unions and banks, from the smallest to the largest, can benefit from sharing intelligence around this type of fraud.” – Greg Woolf

Synthetic identities Require a Multi-Layered Approach to Mitigation. The Key Findings of Webinar Include:

• Synthetic Identity Fraud is not a problem that any one organization or industry can tackle independently.
• A complex identity requires an equally intricate fraud response strategy.
• Changes in the regulatory landscape have influenced industry response
• Experts suggest that a multi-layered approach is the most effective strategy for mitigation.

As Greg says, “Evolution is key. Part of the challenges with existing solutions that FI’s are using, is that they are static, and the fraudsters are not.”

If your financial institution is interested in learning more about Synthetic Identity Fraud, how to detect Synthetic identities in your portfolio and potential mitigation approaches, we would be delighted to continue the conversation with you. Please contact us today!