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Home Newsbytes

Fed Publishes New Standardized Framework for Understanding Payments Fraud

June 18, 2020
Reading Time: 1 min read

The Federal Reserve today published a new framework that banks and other payment providers can use to classify and understand payments fraud. The FraudClassifer model—which was developed by the Fed’s Fraud Definitions Working Group—gives institutions the ability to classify fraud independently of payment type, payment channel or other payment characteristics.

The model presents a series of questions, beginning with who initiated the payment, to differentiate payments initiated by authorized or unauthorized parties. Each of the classifications is supported by definitions that allow for consistent application of the FraudClassifier model across the industry. By adopting this framework, payments providers will be able to facilitate consistent fraud information and tracking; improve customer education; understand fraud across payment types and fraud methods; and develop a common language to help fight payments fraud.

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