Newsroom

April 19, 2019

Fed to host webinar on synthetic identity payments

computer typingThe Federal Reserve is offering a webinar Tuesday on synthetic identity payments fraud to help financial institutions better detect and prevent the use of combining real information, like Social Security numbers, with fictional information, like a made-up name.

Jim Cunha, senior vice president at the Federal Reserve Bank of Boston, will moderate the webinar scheduled to begin at 11:00 a.m. Eastern. Attendees will hear directly from Federal Reserve and industry experts on the issue, contributing factors and how it affects the payments industry.

Ahead of the webinar, the Fed has made an executive summary available, providing an overview of how synthetic identity payments fraud occurs.

NAFCU is a member of the FedPayments Improvement Community and continues to be in constant communication with the Fed regarding its work to make the payments system faster and more secure. NAFCU has also urged the Fed to stay away from a "one size fits all" approach to the payment system's future. It will continue to represent the credit union industry's best interests in this process.