ARLINGTON, Va.— NAFCU said it will host a webinar Sept. 30 will break down how credit unions can utilize the Fed’s new FraudClassifier Model to better defend against fraud. The model was released earlier this year by the Federal Reserve's Fraud Definitions Work Group.
The Fed's Fraud Definitions Work Group, which includes representatives from credit unions and others in the financial services industry, was created in 2019 to help address industry challenges due to inconsistent fraud classification and lags in reporting. The model was specifically developed to help address fraud involving ACH, wire or check payments, but can be used to classify fraud regardless of payment type, channel or other characteristics, NAFCU noted.
During the complimentary webinar, set to begin at 2:00 p.m. ET, NAFCU said the Federal Reserve's VP of Secure Payments Mike Timoney and AVP of Secure Payments Andres Rapela will review takeaways of the FraudClassifier model, including:
- Key advantages
- The two actionable paths to adoption and plans to social and evolve the model as recommended in the adoption roadmap
Although the webinar is free, attendees must register in advance. Learn more about the webinar and register here. Participants will be able to submit questions directly to the presenters at any time during the live broadcast.
Attendees will be able to access the recording on-demand until Sept. 30, 2021, NAFCU said.