Fed Releases Fraud Mitigation Toolkit
Synthetic ID Fraud Mitigation Toolkit - The Federal Reserve released a Synthetic Identity Fraud Mitigation Toolkit to help educate the financial services industry about synthetic identity fraud and outline potential ways to detect and mitigate this fraud type. This new toolkit will be expanded throughout the year, and provides useful insights and resources for identifying and mitigating synthetic identity fraud – specifically, to: increase education and awareness about synthetic identity fraud, enable the payments industry to better identify and fight synthetic identity fraud, and foster payments industry collaboration on synthetic identity fraud mitigation.
Fed Releases Stress Test Scenarios
Bank Stress Tests – The Fed released hypothetical scenarios for its 2022 bank stress tests, which help ensure that large banks are able to lend to households and businesses even in a severe recession. This year, 34 large banks will be tested against a severe global recession with heightened stress in commercial real estate and corporate debt markets.
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