Today, the Federal Reserve published our most recent white paper in a series on synthetic identity payments fraud. Over the past year, we’ve spoken with more than 50 industry experts about the growing issue of synthetic identity payments fraud and its impact on the financial services industry.
The Federal Reserve-led Fraud Definitions Work Group has completed its work on a new fraud classification model that enables all payments stakeholders to classify fraud in a simple and similar manner. Their work was previewed at a virtual event held by Nacha this week, and will be published this spring.
The Fraud Definitions Work Group convened for its final in-person meeting at the Federal Reserve Bank of Atlanta on Jan. 29 and 30.
Collaboration with payments industry stakeholders continues to be one of the five key tenets of the Federal Reserve’s payments improvement initiatives and a vital component of achieving safe, ubiquitous and faster payments in the United States. Most recently, our collaboration occurred through a series of FedPayments Improvement roundtable sessions during …
By Tim Boike, Vice President, Industry Relations Four short days. More than 11,000 attendees, 3,500 organizations and 500+ speakers from the payments, fintech and financial services sectors. Plus, a Federal Reserve exhibit booth in the middle of it all. Yes – it’s the Money20/20 USA conference (Off-site) – a major …
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 …
By Jim Cunha, Senior Vice President, Federal Reserve Bank of Boston Our payments security team at the Federal Reserve began talking about synthetic identity payments fraud with industry stakeholders last fall, and today, we have published our second white paper: Detecting Synthetic Identity Fraud in the U.S. Payment System (PDF). …
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 …