The Federal Reserve is seeking payments industry leaders with specific expertise to participate in this collaborative work effort aimed at defining recommended ACH, wire and check fraud definitions.
Understanding payments fraud trends is a key component for mitigating payments fraud risk. That is why the Federal Reserve sees value in collaborating with the industry to develop a more consistent and holistic terminology to describe payments fraud in the United States. In its pursuit of this objective, we will form and lead a Fraud Definitions Work Group that will:
The Fraud Definitions Work Group will be comprised of 20-30 industry participants selected by the Fed who have in-depth expertise that includes, but is not limited to, fraud prevention, payments risk mitigation, and ACH, wire and check operations including customer servicing aspects. We are accepting expressions of interest from qualified individuals through February 14, with the intent of announcing the work group in March 2019. More details on the desired qualifications and work group expectations can be found on FedPaymentsImprovement.org.
The Fraud Definitions Community Interest Group will be comprised of industry stakeholders interested in following and providing input on the effort and those who are not selected for the Fraud Definitions Work Group. This group of stakeholders will receive regular updates on the Fraud Definitions Work Group’s progress and will have the opportunity to provide feedback on work group deliverables.
Join us for a webinar on January 31, 2019 from 3:00-4:00 p.m. CT, to learn more about these engagement opportunities and the benefits that will be realized by improving data quality regarding ACH, wire and check fraud. Register today!
You can learn more about this work effort and other Fed payment security priorities by visiting FedPaymentsImprovement.org.
If you have any questions, please reach out to us at FedPaymentsImprovement@chi.frb.org or via our social media channels.