As fraud threats continue to evolve, financial institutions may need richer fraud signals to improve mitigation. Intelligence sharing enables organizations to leverage broader intelligence, strengthening both fraud detection and decision-making. The FraudClassifierSM model enables collaboration across the payments industry based on consistent fraud classification and a shared fraud language.
Learn more about how fraud intelligence sharing can help your organization spot emerging patterns, improve detection models and enable better real-time decisions in our on-demand webinar, Building Better Fraud Insights: The Power of a Shared Taxonomy.
“The goal here [using the FraudClassifier model] is about creating a common reference point. When we’re talking about fraud across institutions, we have a better chance of talking about the same thing… That can make internal reporting clearer, it can make it easier to look at trends across your own institution, and it can make sharing intelligence with peers and with a broader industry much more meaningful.”
Amanda Compton, Director
Secure Payments, Federal Reserve Financial Services
Did you know the FraudClassifier model addresses industry pain points by:
- Allowing classification to be used for any payment type or channel
- Distinguishing payments that are initiated by authorized or unauthorized parties
- Providing unique definitions and classification for each fraud event, decreasing the likelihood of duplication or alteration of the classification of the same event
- Allowing flexibility to add payment attributes or additional layers of classification for further detail
Want to learn more? Check out these FraudClassifier model resources:
- Learn more about the FraudClassifier model and its benefits
- Watch a video about how to use the FraudClassifier model (Off-site)
- Register for free access to the interactive FraudClassifier model and try the classification steps
- Export data to Excel® or other software
- Grow your knowledge about fraud, common red flags and fraud prevention with our fraud mitigation toolkits
Stay Connected
Stay informed about the Fed’s efforts to support payment security and mitigate fraud by joining the FedPayments Improvement Community.