The Fraud Definitions Work Group held its third in-person meeting at the Charlotte Branch of the Federal Reserve Bank of Richmond on July 24-25, 2019. This meeting featured the Federal Reserve providing an overview of the updated Fraud Classification Model for Payments (Model) and leading detailed discussions and breakouts focused on the impact and value of achieving industry adoption of the Model. Additionally, the Federal Reserve provided an update on engagement opportunities to keep the broader payments industry informed of the work group’s progress and identified how the recent Synthetic Identity Payments Fraud work effort accomplishments factor in to output of the Fraud Definitions work effort.
Read the full meeting summary (PDF) to learn more.