The Fraud Definitions Work Group held their second in-person meeting at the Denver Branch of the Federal Reserve Bank of Kansas City on June 4 – 5, 2019. During this meeting, the Federal Reserve discussed the intended audience and use of the Payments Fraud Classification Model (Model), reviewed the proposed approach to gaining industry adoption and provided an overview of engagement opportunities to communicate the work group’s progress to the broader payments industry. In addition to these topics, the majority of the two days included testing the Model through reviewing anonymized payments fraud use cases, which led to continual refinement and development of the Model.
Read the full meeting summary here (PDF).