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.
Court tosses subpoenas against Fed’s Powell
A federal court has tossed two Justice Department subpoenas against Federal Reserve Chairman Jerome Powell after finding that “a mountain of evidence” exists to suggest the subpoenas were issued to pressure the Fed into lowering interest rates.
