The Federal Reserve engaged on innovations and trends that are transforming the payments industry this spring.
Individuals can be deceived or manipulated with fraudulent check deposits. Learn how these schemes work and how to detect check scams using the ScamClassifier(SM) and FraudClassifier(SM) models.
Learn how fraudsters target unsuspecting victims through relationship and trust scams to carry out check fraud – and how the ScamClassifier(SM) model can be leveraged for more robust prevention and customer education.
Fraudsters often leverage fraudulent paper checks to help perpetrate scams. Learn how the ScamClassifier(SM) model can assist in identifying the root cause of the fraud that occurred due to a scam.
The latest addition to the Federal Reserve’s Synthetic Identity Fraud Mitigation Toolkit focuses on how generative artificial intelligence (Gen AI) is leveraged to create realistic-seeming synthetic identities.
This year’s event focused on current and evolving trends in innovation, instant payments, global payments, digital currencies, security and information sharing.
A new recommendations report encourages the industry to consider creating a solution or establishing an independent information exchange framework for a holistic view of scam intelligence from existing sources across payment rails.
A Federal Reserve-led industry work group developed the ScamClassifier(SM) model, a voluntary scam classification structure to categorize different scam types more consistently.
Learn how one technology service provider has integrated the FraudClassifier(SM) model within a new product offering to support financial institutions in better understanding and addressing fraud and anti-money laundering trends.
Authentication practices, tools and processes are designed to prevent unauthorized users from gaining access to accounts or devices. This third article in a series on authentication’s critical role in payments highlights current and evolving methods to provide even stronger authentication.