What's New in Payments

Federal Reserve sets out its digital currency position

The digitalization of payments and currency: Some issues for consideration — The Federal Reserve — “Given the dollar’s important role, it is essential that we remain on the frontier of research and policy development regarding CBDC [Central Bank Digital Currency]. Like other central banks, we are conducting research and experimentation related to distributed ledger technologies and their potential use case for digital currencies, including the potential for a CBDC. We are collaborating with other central banks as we advance our understanding of central bank digital currencies.”


What's New in Payments

Federal Reserve reports on synthetic identity payments fraud

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.”










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