With the growth and evolution of the payments landscape, payment fraud has transformed as well; the impact to the ecosystem extends far beyond monetary losses. The Federal Reserve’s Payments System Improvement team works closely with the payments industry to help identify and understand the latest fraud trends, identify potential challenges, and collaborate on potential solutions. In this session, we will discuss:
- The latest trends in check fraud, scams, and new account fraud
- How innovation and new technology is being used to not only perpetrate but also prevent fraud
- How the Federal Reserve’s FraudClassifier model and newly published ScamClassifier model can be used to provide a common language for fraud reporting and information-sharing
