The model’s expanding global adoption represents progress in building a more fraud-aware, resilient and connected payments ecosystem.| FedPayments Improvement
Fraud and scams — including check fraud — continue to be a growing concern. To source the best ideas on how to combat them, the Federal Reserve Board of Governors, the Federal Deposit Insurance Corp. (FDIC) and Office of the Comptroller of the Currency (OCC) are seeking input on potential actions to help mitigate risk of payments and check fraud. Comments must be received within 90 days after the request for comment notice is published in the Federal Register. In its role as a payment sys...| FedPayments Improvement
One year in, user feedback shows the ScamClassifier(SM) model is a powerful tool for fraud prevention across the payments ecosystem, driving targeted detection, better internal education and smarter scam response.| FedPayments Improvement
The Federal Reserve engaged on innovations and trends that are transforming the payments industry this spring.| FedPayments Improvement
Individuals can be deceived or manipulated with fraudulent check deposits. Learn how these schemes work and how to detect check scams using the ScamClassifier(SM) and FraudClassifier(SM) models.| FedPayments Improvement
[vc_row][vc_column][vc_column_text]Businesses are actively using instant payments. Nearly two-thirds of U.S. businesses (66%) are likely to use instant payments if offered by their primary financial institution, according to a Federal Reserve Financial Services survey. And when they can do so, they rate their financial institution higher: Businesses that use instant payments reported 10% greater satisfaction with their primary financial institution than businesses that do not. Appetite for gr...| FedPayments Improvement
Learn how fraudsters target unsuspecting victims through relationship and trust scams to carry out check fraud – and how the ScamClassifier(SM) model can be leveraged for more robust prevention and customer education.| FedPayments Improvement
Instant payments are transforming the way money is transferred, enabling consumers and businesses access to funds instantly. Learn about different types of instant payments and leverage their full potential.| FedPayments Improvement
Fraudsters often leverage fraudulent paper checks to help perpetrate scams. Learn how the ScamClassifier(SM) model can assist in identifying the root cause of the fraud that occurred due to a scam.| FedPayments Improvement