WASHINGTON–Two credit union representatives are among the 22 people named to the Federal Reserve-sponsored Fraud Definitions Work Group, an initiative that is part of the Fed’s strategy for improving the U.S. payment system.
According to the Fed, the Fraud Definitions Work Group seeks to build a recommended payments fraud classification model that includes detailed definitions and/or categories to help the industry better understand key data points and address ACH, wire, and check payments fraud, the Fed said.
The Fed said work is to begin this month to examine existing payments fraud definitions and areas where new or changed definitions could be helpful. In addition, the work group has also been charged with creating a roadmap to encourage broad industry adoption of this classification model to improve the consistency and timeliness of available payments fraud data.
Members of the work group were selected after submitting “expressions of interest.”
Panel Members
Members of the Fraud Definitions Work Group are:
- Ken Montgomery, Fraud Definitions Work Group sponsor, Federal Reserve System payments security strategy leader, and chief operating officer at the Federal Reserve Bank of Boston
- Jim Cunha, Fraud Definitions Work Group chair and senior vice president of treasury and financial services, Federal Reserve Bank of Boston
- Gasan Awad, vice president, fraud and anti-money laundering product management, Fiserv
- Dondi Black, vice president, senior enterprise fraud strategist, FIS
- Jamey Boone, vice president, fraud risk management, Early Warning Services
- Nell Campbell-Drake, vice president, Retail Product Office, Federal Reserve Bank of Atlanta
- Natalie Diana, senior counsel, Bureau of the Fiscal Service, Department of the Treasury
- Carlos Fuentes, vice president of strategy and architecture, Wholesale Product Office, Federal Reserve Bank of New York
- Adriana Guaderrama, vice president, ACH product manager, First Century Bank
- Chris Guard, vice president, e-services compliance and fraud, State Employees’ Credit Union of North Carolina
- Cheryl Gurz, vice president, Citizens Bank
- Michael Herd, senior vice president, ACH network administration, NACHA
- Rakesh Korpal, executive director, JPMorgan Chase
- Lee Kyriacou, vice president, real-time payments, The Clearing House
- Danny Luong, director, fraud technology, PwC
- Roy Olsen, executive vice president EVP/Cashier & Human Resources Director, American National Bank & Trust
- Carla Palma, senior director, global treasury operations, PepsiCo
- Al Pascual, senior vice president, research and head of fraud and security, Javelin Strategy & Research
- Rene Perez, director, product management, Jack Henry
- Kim Plaugher, assistant vice president, funds services, Navy Federal Credit Union
- Sergio Rodriguera, manager, government fintech, SAS
- Kathy Stokes, director, fraud prevention programs, AARP
- Eric Tran-Le, vice president, product management, Guardian Analytics
The Year Ahead
According to the Fed, the group will work over the next year with Federal Reserve leaders to formulate recommendations for improving the quality and consistency of automated clearing house (ACH), wire, and check fraud data. The Fed added that while noncash payments fraud remains a very small fraction of total payments value, it is a large number in absolute terms – approximately $8.3 billion in 2015.