The Federal Reserve has released a definition for synthetic ID fraud. The new definition could make it easier to identify red flags, security experts say. The Aite Group estimates that such fraud will grow to $2.42 billion in 2023, up from $1.8 billion in 2020. The Fed developed the definition to foster improved awareness, detection, measurement and mitigation, says Mike Timoney, the Fed’s vice president, secure payments. The group reviewed definitions currently in use by the industry, looking for common elements.”]
Source: https://www.govinfosecurity.com/defining-synthetic-id-fraud-how-helps-mitigation-a-16403