Understanding Fraud Leads to Better Fraud Defense
Roy Olsen explains why his financial institution began using the FraudClassifier(SM) model.
Hear from the Federal Reserve: Better Fraud Data. Better Defense.
The Federal Reserve recently hosted a webinar featuring the FraudClassifier℠ model. The model was developed by the Fraud Definitions Work Group to help address the industrywide challenge of inconsistent classifications for fraud involving ACH, wire or check payments.
Current Trends: Mitigating Synthetic Identity Payments Fraud
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.
New Fraud Classification Model Previewed at Virtual Event
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.
Fraud Definitions Work Group: January Meeting Summary
The Fraud Definitions Work Group convened for its final in-person meeting at the Federal Reserve Bank of Atlanta on Jan. 29 and 30.
A View From Around the Tables at Money20/20
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 …
Payments Trends and Takeaways from Money20/20
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 …
Catch Up With the Fraud Definitions Work Group: September Meeting Summary
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 …
Finding People Who Don’t Exist: Synthetic Identities
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). …
Progress in Advancing the U.S. Payment System
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 …