Federal Reserve Seeks Fraud Professionals for an Upcoming Working Group
The Federal Reserve is seeking payment and fraud experts from large, medium and small financial institutions, including correspondent banks, to participate in a short-term working group focused on fraud prevention capabilities that are being evaluated as a product offering by the FedNow Service. We are seeking participants with a range of fraud capabilities in their institution, such as in-house fraud detection or outsourced fraud services.
In its pursuit of this objective, the short-term working group is being established to:
- Understand the industry demand and prioritization for ancillary fraud solutions and features offered by the Federal Reserve at the launch of the FedNow Service and as future enhancements.
- Identify industry needs for specific service features, such as size and configuration of a negative list.
- Outline fraud reporting capabilities, including operating rules, obligations, management, and data fields.
Desired Participant Profile:
We are seeking participants who are fraud professionals from operations and/or compliance departments within a financial institution, who have the ability to influence and decide their organization’s strategy for instant payment fraud prevention. Applicants should be familiar with the day to day operations of fraud mitigation and detection.
The working group will meet via WebEx meetings two times for approximately two hours on:
- Tuesday, May 25
- Tuesday, June 8
Participants may be asked to dedicate an additional hour outside of each meeting event to prepare and review materials complete relevant to the working group discussions.
Interested in Participating?
If you would like to be considered for the working group, please complete the expression of interest form, available here (Off-site), by Monday, May 17.
The Federal Reserve will select participants from the pool of interested candidates to ensure diversity of thought and relevant expertise. All candidates, whether selected to participate in this working group or not, will remain eligible to apply for future working groups, as applicable. Candidates will be notified of their Working Group selection no later than Tuesday, May 18.
For more information on FedNow Service features and functionality, download the FedNow product sheet (PDF). You can also stay up-to-date on our progress by joining the FedNow Community or by signing up to receive FedNow Service emails.