The U.S. payments system endures scam tactics that are everchanging and persistent. The Federal Reserve is committed to helping educate and build awareness about the fraud and scam landscape. In a recent webinar, subject-matter experts analyzed today’s scam landscape and why consistent scam classification is beneficial.
Now, you can hear more about the current scam landscape, the Federal Reserve’s ScamClassifierSM model and other scam prevention tips in an on-demand webinar, The State of Scams: Why Consistent Classification and Measurement Matter (Off-site).
Attendees reported that account takeover, romance and check fraud scams have been most prevalent at their institutions. Speakers discussed how it is essential to gain a clear sense of measurement of scam activity at institutions not only for operational purposes but also from a policy perspective.
“Capture the (scam) interaction. You should have conversations about what is happening and what you can do. Be empathetic. Then, you can build your own insights and arsenal of resources to take action.”
Donna Turner, Founder
Risk Insight Solutions
However, institutions have rich data sets that cannot talk to each other in the same format. A common language would allow institutions to save time on translation or interpretation and focus on the root cause of scams. As proposed in Aspen Institute’s report (Off-site), the ScamClassifier model supports consistent, detailed classification and helps improve data comparability and aggregation. The model does not depend on the communication method, payment application or payment type. Instead, it uses a series of questions to differentiate and classify scams by categories and types. This type of classification and information-gathering can allow for improved scam reporting and expedited scam claims intake.
“Better scam prevention will eventually lead to that long-term customer value. Evidence-based intervention, education and awareness can help identify changing scam tactics.”
Erin Borġ, Associate Director of the Inclusive Financial System
Aspen Institute Financial Security Program
Explore Scam Mitigation Resources
Explore the resources below to learn more about the ScamClassifier model:
- Learn more about the ScamClassifier model and its benefits
- Watch a video about how to use the ScamClassifier model (Off-site)
- Grow your knowledge about scams and improvements in payment security with our Scams Mitigation Toolkit
Stay Connected
Stay informed about the Fed’s efforts to support payment security and mitigate fraud by joining the FedPayments Improvement Community.