Digital technologies have revolutionized how operators and users interact with the U.S. payments system as new products emerge, back-end operations change and user experiences are enhanced. However, alongside these innovations come unforeseen payments security threats. As the dark web fills with stolen personal information elements that are available at a relatively low cost, fraudsters are increasingly exploiting the lucrative financial scheme of synthetic identity payments fraud. Continuing its commitment to payments security and industry collaboration, the Federal Reserve launched an initiative focused on researching, educating and generating payments industry dialogue on this fast-growing financial crime. During this session, a Federal Reserve executive will discuss various causes of synthetic identity fraud, gaps and detection methods and mitigation strategies the industry is leveraging to combat this fraud. Take advantage of this opportunity to better understand synthetic identity fraud, how various industries are affected and approaches your organization can take to reduce this threat.
AVP Secure Payments, Federal Reserve Bank of Boston
Adam Wehrenberg is an assistant vice president in the Secure Payments group, responsible for developing and implementing key elements of the Fed’s strategy for payment security. Adam’s primary focus is on synthetic identity fraud and internal governance. Prior to joining Secure Payments, Adam was the Bank’s director of business continuity and resilience, responsible for coordinating Bank-wide contingency planning and facilitating crisis management processes. Adam has also played a key role in advancing the Federal Reserve System’s strategy to enhance operational resilience and crisis management capability across the Reserve Banks.
Before joining the Bank, Adam was a project director in the City of Boston’s Office of Emergency Management, where he led a planning program to prepare for low-probability, high-consequence catastrophic events. This included developing the nation’s first regional framework to integrate public safety and IT personnel in response to critical cyber disruptions.
Adam received an M.B.A from Boston University and a B.A. in Political Science from Stonehill College.