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.