The lack of an accepted and consistent manner for categorizing payment fraud losses has created industry-wide challenges with collecting fraud data, identifying trends and mitigating risks in a timely manner. In 2019, the Federal Reserve convened industry stakeholders from across the payments ecosystem to create the Fraud Definitions Work Group and address these challenges. This diverse group of industry professionals developed the FraudClassifier Model along with a roadmap to encourage industry adoption. In this session, Fed executive Andrés Rapela will discuss the final deliverables of the work group, the long-term industry values of this Model and steps your organization can take to join this effort toward fighting fraud smarter and quicker.
Andrés Rapela currently serves as Assistant Vice President for Secure Payments for the Federal Reserve Bank of Boston and is responsible for the design, development, and implementation of the strategy for improving security and resiliency of the U.S. payments system. This work entails collaboration with payments professionals across the financial system, and with interested stakeholders in various related industries. Rapela brings over 25 years of experience in financial services, information technology, and risk management to the Secure Payments initiative. Prior to joining the Bank, he was a vice president at Fidelity Institutional, where for eight years he led the brokerage platform technology risk management function. While at Fidelity, Rapela held several other senior leadership positions in technology, risk management, and compliance across multiple business lines.