On 12 May, Buckley LLP reported that the Federal Reserve had issued the update, offering new information regarding fraud detection technology and data sharing and discussing the value of fraud information-sharing within the industry to help fight synthetic identity fraud. It is intended to help financial institutions, businesses, and consumers improve awareness, detection, measurement, and mitigation of identity fraud. The toolkit defines synthetic identity fraud as the use of a combination of personally identifiable information (PII) to fabricate a person or entity in order to commit a dishonest act for personal or financial gain.
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NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!