Session Abstract: Synthetic ID fraud cost American banks $20 billion in 2020. It’s a sophisticated type of fraud specifically developed to circumvent KYC checks, creating fictitious identities that only exist within the very databases designed to protect financial businesses. The threat of synthetic IDs is very real, and stopping their infiltration requires expertise and intervention. In 2018, Congress took the first step towards combating synthetic identity fraud when it passed the Economic Growth, Regulatory Relief, and Consumer Protection Act. However, more needs to be done to create a digital identity infrastructure that will protect citizens and businesses from synthetic identity fraud. The presenter will use her experience working for Congress as the lead House staffer on the first legislation focused on combating synthetic identity fraud. Among topics to be covered: How fraudsters create and nurture synthetic identities How they game the system to make them credible How companies can approach protecting themselves against these professional attacks And the role the government plays in preventing this type of fraud