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.
FDIC tables proposals concerning regulatory review of bank control
The FDIC Board tabled two resolutions concerning bank control after both failed to gain majority support, with their sponsors promising...