Fed develops new fraud prevention model
Federal Reserve wants model to be voluntarily adopted across US payments system by 2024
The Federal Reserve has developed a new model to better classify and track fraud across different payment systems, it announced on June 18.
The “FraudClassifier model” sets out how to classify types of fraud in a more consistent way to improve monitoring, the statement says.
The value of non-cash fraud in 2015 in the US was approximately $8.3 billion, out of $180 trillion of core non-cash payments that year, according to a 2018 report.
The model is designed to be used across the automated
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