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 describe payments fraud in the United States.
We believe the benefits to be derived from this work group include an enhanced understanding of fraud trends and more consistency around the classification of fraud incidents, which can lead to improved fraud mitigation, easier collaboration for data sharing for fraud mitigation, and reduced fraud losses.
Interested in Participating?
The Fraud Definitions Work Group will be composed of 20-30 industry participants selected by the Fed who have in-depth experience related to improving ACH, wire and check fraud data quality and consistency. The Federal Reserve will select work group members from the pool of interested candidates to ensure diversity of thought and strong expertise across the many needed disciplines. If you have the required expertise and capacity to participate on this Fed-led work group, we invite you to submit an expression of interest (Off-site) by February 14.
Additional information on the desired qualifications, work group expectations, and instructions on how to express interest in joining the work group can be found on the ACH, Wire and Check Fraud Definitions webpage.
The Fraud Definitions Community Interest Group is open to industry stakeholders interested in following and providing feedback on the Fraud Definitions Work Group outputs. This group of stakeholders will obtain regular updates on the work group’s progress and influence the work group deliverables.
You can join the Fraud Definitions Community Interest Group by submitting or updating your FedPayments Improvement Community profile and selecting “ACH, Wire and Check Fraud Definitions” as a topic of interest.
Need additional information before engaging with us – attend our January 31 webinar!
Join us for a webinar on January 31, 2019 from 3:00-4:00pm CT to learn more about these engagement opportunities and the benefits that may be realized by improving ACH, wire and check fraud data quality and consistency.
We look forward to collaborating with the industry and working towards a more consistent view of payments fraud in the United States. If you have any questions, please reach out to us at FedPaymentsImprovement@chi.frb.org or via our social media channels.