Payments Security

Sharing Information on Scams to Improve Fraud Mitigation

The Federal Reserve has launched a scams information sharing work group of fraud experts from the payments industry. This effort, which supplements the scams definition and classification work group formed earlier this year, is intended to help the industry collaborate more effectively on combatting the growing and costly problem of scams in the United States.

“Fraudsters are using similar tactics across organizations to conduct scams, and lack of information sharing helps fraudsters successfully repeat the same tactics. Timely access to fraud information can help improve fraud management strategies, detect scams more quickly and avoid potentially devastating losses within an organization, as well as within the industry as a whole.”

Mike Timoney, vice president of payments improvement
Federal Reserve Financial Services

The work group will begin exploring information sharing approaches related to scam activity, with a focus on fostering collaboration among the industry to bring about voluntary and collective change in the fight against scams. Work group recommendations for approaches to information sharing are likely to include specific use cases, data types, methods and the benefits of sharing information.

Participants in the work group include:

  • Lou Anne Alexander, Fintech Solutions
  • Brian Allen, Bank Policy Institute-BITS
  • Jeevan Babu, JPMorgan Chase
  • Karen Boyer, M&T Bank
  • Matt Cameron, Amazon
  • Don Cardinal, Financial Data Exchange (FDX)
  • Benjamin Chance, Early Warning Services
  • Matthew Dinger, MITRE
  • Dave Excell, Featurespace
  • Laurie Gentz, Feedzai
  • Karen Helmberger, FS-ISAC
  • Neil Kumar, Alloya Corporate Federal Credit Union
  • Lee Kyriacou, The Clearing House
  • Wendi Lete, Equifax
  • Noam Livnat, Google
  • Devon Marsh, Nacha
  • Kendra Paskell, Fidelity Bank
  • Rene Perez, Jack Henry & Associates
  • Rayleen Pirnie, NEACH
  • Brendan Purcell, TIAA
  • Ana Raluca Palaghita, American Express
  • Philip Ridgway, Federal Reserve Bank of Atlanta
  • Scott Roesch, Fond du Lac Credit Union
  • Jason Rosado, BNY Mellon
  • Jody Spencer, Visa
  • Kathy Stokes, AARP
  • Peter Tapling, PTap Advisory
  • Robert Voets, Ion Bank
  • Christene Whitman, Truliant Federal Credit Union
  • Greg Woolf, FiVerity

Join the FedPayments Improvement Community for updates on this work.