<img height="1" width="1" style="display:none;" alt="" src="https://px.ads.linkedin.com/collect/?pid=2797612&amp;fmt=gif">

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 FiVerity CEO, Greg Woolf.

Greg Woolf was one of 12 fraud experts participating in a focus group that helped The Federal Reserve develop the definition to help the industry successfully manage the rising problem of SIF.

“If security experts fail to properly identify cases of synthetic ID fraud and simply classify such cases as bad underwriting decisions, the use of fake identities as a front for money laundering and other nefarious activity could skyrocket,” says Greg Woolf.

Congratulations to the SIF focus group and The Federal Reserve on getting synthetic identity fraud properly identified so there will be improved fraud-fighting efforts around awareness, detection, measurement, and mitigation! Thank you to Information Security Media Group for helping to spread the news.

You may also like

Bank Info Security Interviews Greg Woolf On SIF
Bank Info Security Interviews Greg Woolf On SIF
3 April, 2021

Greg Woolf of FiVerity Discusses a Federal Reserve Initiative to Better Define the Crime Synthetic identity fraud (SIF) ...

Synthetic Identity Fraud: What Is It & Why Should You Care?
Synthetic Identity Fraud: What Is It & Why Should You Care?
8 February, 2022

Synthetic Identity Fraud Mitigation Toolkit Federal Reserve FedPayments Improvement February 8, 2021

Battling Against Synthetic ID Fraud
Battling Against Synthetic ID Fraud
12 November, 2020

Twenty financial institutions are collaborating to identify how machine learning can be used to detect synthetic ID frau...