WASHINGTON—The Fed is launching two groups in March to help improve payments security.
Credit union personnel interested in participating in the Federal Reserve's Fraud Definitions Work Group should submit an expression of interest form to the agency by Thursday.
The Fraud Definitions Work Group will be comprised of 20 to 30 industry participants selected by the Fed who have in-depth expertise in areas such as fraud prevention, payments risk mitigation, and ACH, wire and check operations, including customer servicing aspects.
Additional information on the work group is available here; the interest form is available here and is due Thursday.
Also Being Launched
In addition, the Fed is also launching a Fed Definitions Community Interest Group. This group will be comprised of industry stakeholders who are interested in following and providing input on the efforts of the Fraud Definitions Work Group, as well as those who are not selected for the work group. This group of stakeholders will receive regular updates on the work group's progress with the opportunity to provide feedback on work group deliverables, NAFCU said.
Those interested in joining this group can create a FedPayments Improvement Community profile and select "ACH, Wire and Check Fraud Definitions" as a topic of interest.
Applicants will be notified of their work group or interest group designation by mid-March, said NAFCU, which added it continues to engage with the Fed regarding its work to make the payments system faster and more secure.