This podcast interview is sponsored content, published with permission from Leaders in Payments (Off-site).
Federal Reserve Financial Services (FRFS) has a birds-eye view of scams and fraud, both as a provider of payment services and in its role as an industry leader/catalyst working to advance payment security. Recently, Mike Timoney, FRFS vice president of payments system improvement, brought his insights to a new podcast interview, Fraud Frontlines: The Fed’s Perspective on Fraud Today (Off-site) hosted by Leaders in Payments (Off-site).
Timoney discussed helpful educational resources offered by FRFS, including the Scams Mitigation Toolkit and Check Fraud Mitigation Toolkit, as well as the vital importance of sharing information about scams, fraud tactics and emerging trends within the payments industry. He noted that this tactic to help mitigate fraud is easier in other countries, which have different laws affecting information sharing — and may have just nine banks instead of 9,000+ in the United States. One bright spot is among smaller financial institutions that frequently share local or regional fraud trend information on a more informal basis, helping them to head off recurring fraud tactics more quickly.
Timoney also talked about his career path into the payments fraud departments at various organizations — and what he has learned through these career moves.