Account Opening
Unlock Trust From Day One
Federal Reserve Financial Services (FRFS) provides financial institutions with educational materials and fraud classification tools designed to help them analyze trends, identify synthetic identity fraud, and assess risks from the earliest interaction.
How FRFS Helps You Mitigate Fraud
Detect fake identities before onboarding
The Synthetic Identity Fraud Mitigation Toolkit (Off-site) offers insights and practical guidance to help you identify fabricated identities and mitigate synthetic identity fraud.
Assess account opening risk
To help determine legitimate behavior without slowing down onboarding, organizations can learn about taking a broad approach (Off-site) that combines onboarding controls, behavioral insights and collaboration to identify risky activity.
Strengthen onboarding
Learn about building stronger defenses at account opening (Off-site) by using behavioral insights, device intelligence and other risk signals to help identify risks before accounts are opened.
Break down silos
Use the FraudClassifierSM model (Off-site) to consistently categorize fraud types and share insights across fraud and risk teams, as well as with other financial institutions, to help reveal patterns not visible in isolated data.
Balance fraud mitigation with customer experience
Use the Fraud Mitigation Toolkits (Off-site) for practical guidance on how to apply fraud controls and to explore industry resources designed to help identify emerging threats while supporting a trusted customer experience.
Prevent fraudulent account use
Strengthen account-opening controls and monitor synthetic identity fraud and mule account risks (Off-site) to help limit fraudulent activity before it can scale. Financial institutions can also use tools like the FraudClassifier and ScamClassifierSM models (Off-site), which are designed to enable consistent fraud and scam classification across organizations.
Ready to Strengthen Your Fraud Defenses?
Contact your relationship manager to learn more about how FRFS can support payment security for your organization.
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The Fraud Mitigation Resource Center is educational only and is not intended to provide business or legal advice, nor is it intended to promote or advocate a specific action or risk mitigation strategy. Readers should consult with their own business and legal advisors for specific guidance.