June 14, 2019

Fed to host fraud definitions webinar

Federal ReserveThe Federal Reserve is hosting a webinar June 25 to update members of the Fraud Definitions Community Interest Group on efforts by the new Fraud Definition's Work Group. The work group was launched in March to help address industry challenges resulting from inconsistent fraud classifications.

A number of Federal Reserve Bank representatives will participate in the webinar. Among them is Tim Boike, vice president of industry relations at the Federal Reserve Bank of Chicago, who earlier this month gave members of NAFCU's Cybersecurity and Payments Committee an update on the Fed's efforts to identify and mitigate payments fraud, including its recently-launched effort related to synthetic identity payments fraud. 

Kim Plaugher, assistant vice president of funds services at NAFCU-member Navy Federal Credit Union, and a few other industry stakeholders who are part of the work group will also participate in the webinar.

The webinar is set to begin at 1 p.m. Eastern. Those interested in regular updates on the Fed's payments efforts can also sign up to be a part of the FedPayments Improvement Community.

NAFCU continues to engage with the Fed regarding its work to make the payments system faster and more secure and has met with Fed staff to discuss the strategy for achieving more secure payments. The association in December shared how credit unions could benefit from faster payments services

Supplementing the association's work to combat payment fraud are its efforts to enact a national data security standard. NAFCU has long been active with lawmakers on the issue of data security and was the first group after the massive 2013 Target data breach to call for a legislative solution to reform the nation's data security system.