The Fraud Definitions Work Group held its fourth and final in-person meeting for 2019 at the Miami Branch of the Federal Reserve Bank of Atlanta on September 12 and 13. During this meeting, the Federal Reserve shared a draft proposal for a three-phase Industry Adoption Roadmap for the Fraud Classification Model for Payments (Model) and provided an overview of how the various components of the roadmap all fit together, as well as engagement opportunities to further socialize the Model within the payments industry. The Federal Reserve also provided an update on the Fed’s role in faster payments in light of the recent announcement that the Federal Reserve Banks will build and operate the FedNowSM Service.
Read the full meeting summary (PDF) to learn more.