It’s been nearly five years since the Federal Reserve published the Strategies for Improving the U.S. Payment System (SIPS) paper, a seminal work in guiding the nation’s payment industry toward a faster, safer and more efficient payment system in the United States. A lot has happened in those five short …
Engaging with payments stakeholders is an important part of the Federal Reserve’s leader catalyst role within the payments industry, and a vital step toward achieving safe, ubiquitous and faster payments in the United States. Some of our best opportunities to hear from industry leaders come from our in-person gatherings. Our …
By Jim Cunha, Senior Vice President, Federal Reserve Bank of Boston A lively exchange of views – and many questions – were shared during our September webinar with fraud experts from the FBI and Turnkey Risk Solutions (TRS). I encourage you to listen to the archived recording if you missed …
The time is now for payments stakeholders to recognize what may be the fastest-growing financial crime in the United States: synthetic identity fraud. Financial institutions should take steps to mitigate this type of fraud due to the looming risks and losses caused by synthetic identities, but many may not be …
The Fraud Definitions Work Group held its third in-person meeting at the Charlotte Branch of the Federal Reserve Bank of Richmond on July 24-25, 2019. This meeting featured the Federal Reserve providing an overview of the updated Fraud Classification Model for Payments (Model) and leading detailed discussions and breakouts focused …
The Federal Reserve continues to generate momentum toward the desired outcomes outlined in the Strategies for Improving the U.S. Payment System (PDF) paper released in 2015 and built upon in the 2017 Next Steps in the Payments Improvement Journey (PDF) paper. The Spring 2019 Progress Report (PDF) released today provides …
A workshop on synthetic identity payments fraud was “standing room only” at last fall’s FedPayments Improvement Community Forum. Now, the Federal Reserve has brought the topic to a wider audience with a one-hour webinar. Fraudsters increasingly use synthetic identities to commit payments fraud. A synthetic identity is created by using …
Today, the Federal Reserve announced the members of the new Fraud Definitions Work Group. These industry experts will work collaboratively with the Federal Reserve on recommendations to improve the quality and consistency of ACH, wire and check fraud data. Over 140 individuals submitted an “expression of interest” from January 24 …
The Federal Reserve hosted a webinar to provide more information about the Fraud Definitions Community Interest Group and the Fraud Definitions Work Group. See the webinar below to learn more about these engagement opportunities and the benefits that may be realized by improving ACH, wire and check fraud data quality …
The Federal Reserve is seeking payments industry leaders with specific expertise to participate in a Fed-led work effort to create ACH, wire and check fraud definitions. This new work group is the next step in the Fed’s collaborative efforts that will help develop a more consistent and holistic terminology to …
