This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
06/24/2020
The Federal Reserve has introduced the FraudClassier model.
Federal Reserve Banks
The Federal Reserve has introduced the FraudClassifierSM model, which can enable all payments stakeholders to classify fraud in a simple and similar manner.
The FraudClassifier model was developed to help address the industrywide challenge of inconsistent classifications for fraud involving ACH, wire or check payments. Its key advantage is the ability to classify fraud independently of payment type, payment channel or other payment characteristics.
Adopting the FraudClassifier model can help organizations:
- Facilitate consistent fraud information and tracking
- Improve customer education
- Understand fraud across payment types and fraud methods
- Speak the same language about fraud
If adopted across the payments industry, the FraudClassifier model can facilitate a common fraud language and help us work together to better identify and fight fraud, fostering a safer payment system for all.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information