Federal Reserve News: FRB announces members of Fraud Definitions Work Group

19Mar - by Editor - 0 - In STL.News

WASHINGTON (STL.News) – The Federal Reserve today announced the members of its Fraud Definitions Work Group, the latest initiative to advance the Federal Reserve’s strategy for improving the U.S. payment system.  Over the next year, these 22 payments industry leaders and subject matter specialists will work collaboratively with Federal Reserve leaders to formulate recommendations for improving the quality and consistency of automated clearing house (ACH), wire, and check fraud data.  Although 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. 

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