Fed develops new fraud prevention model

US Federal Reserve, Washington, DC

The Federal Reserve has developed a new model to better classify and track fraud across different payment systems, it announced on June 18.

The “FraudClassifier model” sets out how to classify types of fraud in a more consistent way to improve monitoring, the statement says.  

The value of non-cash fraud in 2015 in the US was approximately $8.3 billion, out of $180 trillion of core non-cash payments that year, according to a 2018 report.

The model is designed to be used across the automated

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