On July 15, the Federal Reserve hosted a webinar featuring the newly introduced FraudClassifier model (Off-site). The model was developed by the Fraud Definitions Work Group (Off-site) to help address the industrywide challenge of inconsistent classifications for fraud involving Automated Clearing House (ACH), wire or check payments.
Over 600 participants from across the payments ecosystem joined the webinar to hear how the model provides an intuitive approach to classifying fraud and the collaborative approaches used to create and validate the model. Assistant Vice President for Secure Payments Andrés Rapela walked participants through the model and each classification path, providing example scenarios to help explain the intent of the classifications. He also shared insights from the Industry Adoption Roadmap (Off-site) and the projected benefits of voluntary model adoption.
Watch the recording below and register for access to the FraudClassifier model (Off-site) and supporting resources. Follow our FedPayments Improvement accounts on Twitter (Off-site) and LinkedIn (Off-site) to stay informed about our ongoing efforts toward the future of payments.