Standards are such a big part of our world, it’s easy to forget they exist. Yet standards are the reason you can call or text anyone even if they have a different type of phone or carrier than you.
In an effort to help combat the emergence of synthetic identity fraud (SIF) — reported to be one of the fastest-growing types of financial crime in the United States — the Federal Reserve convened a focus group of fraud experts to develop an industry-recommended definition of synthetic identity fraud.
To meet customer and industry needs in an evolving payments landscape, the Federal Reserve Banks continually monitor and analyze check usage and market dynamics to help us provide accessible, secure and efficient Check Services.
It is well known that the Federal Reserve System was established by an Act of Congress in 1913 to provide our nation with a safer, more flexible and more stable monetary and financial system.
