Federal Reserve System white paper examines the effects of synthetic identity payments fraud — FedPayments Improvement — “A synthetic identity is created by using a combination of real information (such as a legitimate Social Security number) with fictional information (which can include a made-up name, address or date of birth)… Over time, fraudsters build up the creditworthiness of the synthetic identity, then ‘bust out’ by purchasing high-value goods and services on credit and disappearing.”
- Stats show regional variations in UK adoption of contactless and mobile payments during pandemic
- UK retailers explore facial analysis technology for customer age verification
- ECB survey reveals Europeans expect digital euro to be private, secure and easy to use
- Hong Kong and Macau to distribute stimulus payments to citizens’ digital wallets
- Emirates NBD rewards customers for adopting contactless payments