The Federal Reserve’s Fraud Definitions Work Group earlier this year released the FraudClassifier Model to help organizations better understand the magnitude of fraud involving payments. A NAFCU webinar Sept. 30 will break down how credit unions can utilize the new classification model to better defend against fraud.
The Fed’s Fraud Definitions Work Group, which includes representatives from credit unions and others in the financial services industry, was created last year to help address industry challenges due to inconsistent fraud classification and lags in reporting. The model was specifically developed to help address fraud involving ACH, wire or check payments, but can be used to classify fraud regardless of payment type, channel or other characteristics.
During the complimentary webinar, set to begin at 2:00 p.m. Eastern, the Federal Reserve’s VP of Secure Payments Mike Timoney and AVP of Secure Payments Andres Rapela will review takeaways of the FraudClassifier model, including:
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