Scams are growing at an alarming rate and the year-over-year losses continue to rise.
To help address this issue, an industry work group supported by the Federal Reserve developed the ScamClassifier model (Off-site) in summer 2024. This voluntary classification structure supports consistent and detailed classification, reporting, analysis and identification of scams, attempted scams, and related trends.
Similar to the FraudClassifier℠ model (Off-site) announced by the Fed in 2020, the ScamClassifier model uses a series of questions to differentiate and classify scams and attempted scams by category and type. Voluntary adoption of the ScamClassifier model can improve scam detection, investigation and mitigation, as well as expedite scam claims intake and improve scam reporting.
Watch the video below for a brief overview of the new ScamClassifier model.
Visit FedPaymentsImprovement.org (Off-site) for more information and to register for full access to the model, including its supporting terms and definitions.
Note: The ScamClassifier model is not intended to result in mandates or regulations, and does not give any legal status, rights or responsibilities, nor is it intended to define or imply liabilities for loss or create legal definitions, regulatory or reporting requirements. While sharing and use of the ScamClassifier model throughout the industry is encouraged, any adoption of the ScamClassifier model is voluntary at the discretion of each individual entity. Absent written consent, the ScamClassifier model may not be used in a manner that suggests the Federal Reserve endorses a third-party product or service.
“ScamClassifier” and “FraudClassifier” are service marks of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org®.
