Synthetic identity fraud (SIF) is one of the fastest-growing types of financial crime in the United States, accounting for billions in losses annually. In this discussion, Michael Timoney and Staci Shatsoff of the Federal Reserve explain how the use of multiple definitions for synthetic identity fraud has led to inconsistent reporting throughout the financial services industry. They delve into how the Fed’s new, standardized definition of SIF facilitates the identification and mitigation of this cyber fraud.
