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.
Treasury official outlines principles for Bank Secrecy Act modernization
The Treasury Department is exploring ways to streamline the filing process for suspicious activity reports and currency transaction reports as part of a broader effort to modernize BSA enforcement, Deputy Secretary of the Treasury Michael Faulkender said.