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 …
The Federal Reserve has served as a catalyst for change in the improvement and advancement of payments security in the United States and continues to engage with industry stakeholders. To help the Fed set priorities for collaboration with the industry to enhance end-to-end payments security, the Fed commissioned Boston Consulting …
We are pleased to announce the release of our Fall 2018 Progress Report (PDF)! The report highlights the important work we’ve completed in collaboration with the industry and next steps we’re taking toward the desired outcomes for speed, security, efficiency, international payments and collaboration as outlined in the Strategies for Improving …
A recent Federal Reserve webinar (Off-site) offered practical advice about how to use online resources to improve payment security – taking another step toward achieving a future of secure, fast and efficient payments that meet the current and future needs of consumers and businesses in the United States. This coalition …
Today, we are excited to announce the release of our Spring Progress Report (PDF), which outlines the important work we’ve completed and next steps toward achieving better, safer, faster payments for everyone. As you’ll see in the Spring Progress Report, we had another busy year! Highlights and next steps of …
As announced earlier today, the Federal Reserve will begin work this month on a new study that will measure fraud and associated costs in the U.S. payments system and identify the causes and contributing factors to fraud. The study is part of the Federal Reserve’s ongoing effort to improve and …
As announced earlier today, the Secure Payments Task Force published the Payment Lifecycles and Security Profiles educational materials outlining the lifecycles, security characteristics and relevant laws and regulations for the most common payment types. Developed through collaborative efforts of task force participants with diverse payments and security expertise and perspectives, …