The Federal Reserve continues to generate momentum toward the desired outcomes outlined in the Strategies for Improving the U.S. Payment System (PDF) paper released in 2015 and built upon in the 2017 Next Steps in the Payments Improvement Journey (PDF) paper. The Spring 2019 Progress Report (PDF) released today provides …
A workshop on synthetic identity payments fraud was “standing room only” at last fall’s FedPayments Improvement Community Forum. Now, the Federal Reserve has brought the topic to a wider audience with a one-hour webinar. Fraudsters increasingly use synthetic identities to commit payments fraud. A synthetic identity is created by using …
The Fraud Definitions Work Group held their first in-person meeting at the Federal Reserve Bank of Boston on April 10-11, 2019. During this meeting, the Federal Reserve provided an overview of previous payment improvement initiatives and the planned approach to these efforts. Work group members began discussing what a fraud …
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 …
The Federal Reserve hosted a webinar to provide more information about the Fraud Definitions Community Interest Group and the Fraud Definitions Work Group. See the webinar below to learn more about these engagement opportunities and the benefits that may be realized by improving ACH, wire and check fraud data quality …
This Federal Reserve Payments Study (FRPS) 2018 annual supplement (Off-site) updates data on core noncash payment types and systems that support everyday payments by U.S. consumers and businesses. Among the important findings: Card payments continued to show robust growth from 2016 to 2017, collectively increasing 10.1 percent by number and …
The Federal Reserve is seeking payments industry leaders with specific expertise to participate in a Fed-led work effort to create ACH, wire and check fraud definitions. This new work group is the next step in the Fed’s collaborative efforts that will help develop a more consistent and holistic terminology to …
Federal Reserve Faster Payments Strategy Leader Sean Rodriguez will retire from the Federal Reserve Bank effective January 4, 2019. Rodriguez, an executive vice president and 35-year veteran of the Federal Reserve, is leaving on a high note after steering multi-year collaborative industry efforts to a successful conclusion with the launch …
In November, the Federal Reserve announced the launch of a new membership organization, the U.S. Faster Payments Council (FPC) (Off-site), whose mission is to ensure all Americans can safely and securely pay anyone, anywhere, at any time with near-immediate funds availability. If you’re interested in hearing more about the organization …
In November, the Federal Reserve announced the launch of a new membership organization, the U.S. Faster Payments Council (FPC) (Off-site), whose mission is to ensure all Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. To learn more about this widely anticipated organization, …