As instances of synthetic identity fraud—through which fraudsters create new identities out of pieces of real or fictitious information—become more prevalent, the Federal Reserve this week released a toolkit to help banks and consumers mitigate risks associated with this type of fraud. The toolkit includes downloadable resources explaining the basics of synthetic identity fraud, how fraudsters use synthetic identities and how to identify synthetic identities. The Fed said it will add new resources to the toolkit in the future, including more on synthetic identity fraud detection and mitigation.
FinCEN issues guidance to help bank customers understand new BOI reporting rules
FinCEN issued a notice to financial institution customers about the new beneficial ownership information reporting rule requirements, explaining why certain customers must report directly to the agency in addition to giving information to their banks, which are subject...