2020 Virtual Cybersecurity Summit: Fraud & Payments , Events , Fraud Management & Cybercrime

The FraudClassifier Model: Better Fraud Data. Better Defense

The FraudClassifier Model: Better Fraud Data. Better Defense
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.


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