In follow-up to that July 2019 report, In July 2020, the Federal Reserve issued a report, Mitigating Synthetic Identity Fraud in the U.S. Payment System.  The paper was authored by Jim Cunha, Payments Security Strategy Leader and Fintech Division Head Senior Vice President at the Federal Reserve Bank of Boston.  The report has key highlights: (1) Organizations that leverage a multi-layered approach that employs both manual and technological data analysis have the best chance to identify and mitigate fraud caused by synthetics, according to industry experts; As payments stakeholders share more information about trends, behaviors, threats and best practices, they can improve the industry’s collective synthetic identity fraud detection and mitigation practices; and (3) The regulatory environment is evolving to provide additional protections for consumers and mechanisms for financial institutions to fight fraud. Industry experts urge organizations to remain aware that fraudsters may still find opportunities to exploit these for their own benefit.