Payments Security

Learning to Speak the Same Fraud Language: A Collaboration with ACFE

As part of the Federal Reserve’s continued collaborative efforts with industry stakeholders, anti-fraud professionals have an additional opportunity to learn about the FraudClassifierSM model by reading the March/April issue of Fraud Magazine, published by the Association of Certified Fraud Examiners (ACFE).

This article (Off-site) was co-authored by Mike Timoney and Beth Reynolds of the Federal Reserve’s Secure Payments team, who outline how the model provides the payments industry with an intuitive fraud classification approach.

“The FraudClassifier model helps get everyone in the payments industry on the same page,” the article concludes. “This common ground fosters more meaningful conversations and a better understanding of fraud activity. Faster, more comprehensive knowledge of where and how fraud occurs and how trends shift across tactics helps build foundations for arming organizations in their fraud defenses.”

To read the full article, visit ACFE’s Fraud Magazine (Off-site). Additional information and resources on the FraudClassifier model can be found here. Be sure and register to access the full model with supporting definitions as a member of the FedPayments Improvement Community.

Sharing and use of the FraudClassifier model throughout the industry is encouraged; any adoption of the FraudClassifier model is voluntary at the discretion of each individual entity. The FraudClassifier model is not intended to result in mandates or regulations, and does not give any legal status, rights or responsibilities, nor is the FraudClassifier model intended to define or imply liabilities for fraud loss or create legal definitions, regulatory or reporting requirements. Absent written consent, the FraudClassifier model may not be used in a manner that suggests the Federal Reserve endorses a third-party product or service.