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 through February 14, 2019, and the Federal Reserve selected work group members from the pool of interested candidates to help ensure diversity of thought and strong expertise across the many needed disciplines. Read the press release to see the full list of members.
To develop a more consistent and holistic view of terminology used to describe payments fraud, the work group will:
- Develop a recommended fraud classification model that includes detailed definitions and/or categories to help the industry better understand key data points in payments fraud
- Propose a roadmap to encourage broad industry adoption of this classification model
Want to follow the work group’s progress?
Join the Fraud Definitions Community Interest Group by submitting or updating your FedPayments Improvement Community profile and selecting “ACH, Wire and Check Fraud Definitions” as a topic of interest. This will allow you to receive work group updates as well as notifications of any input opportunities.
You can learn more about this work effort and other Fed payment security priorities by visiting the Payments Security Overview page.