Federal Reserve Financial Services (FRFS) equips the payments industry with the tools, data and education it needs to help combat payment fraud. As fraud becomes more complex, data and detection go hand in hand to defend against fraud loss.
Enable safer transactions
The FedDetect® Notification Services suite is intended to assist customers in their efforts to help reduce fraud loss and misdirected payments. By receiving early notice of inconsistent data, you can quickly identify potential fraud and take action with the following solutions:
- Payee Name Verification: Helps reduce misdirected payments by verifying an intended payee’s name with an account prior to issuing a payment.
- FedDetect Anomaly Notification: Supplements your ACH fraud tools by putting transaction anomaly information into your hands. Complimentary and premier (fees apply) notifications are available.
- Duplicate Check Notification: Provides early notice of potential duplicate checks, allowing you to quickly detect potential fraudulent transactions. Reports are available for both commercial and non-U.S. government checks at no cost.
The FedNow® Service gives financial institutions the control and confidence to scale instant payments with a suite of risk mitigation tools.
- Network intelligence API: Allows you to request data insights before sending a payment to help you better assess the overall risk of a potential transaction.
- Account activity threshold functionality: Enables you to define value and velocity thresholds by customer segment to fit your unique business needs and risk tolerance.
Resolve with confidence
- Exception Resolution Service: Enables you to efficiently and securely manage FedACH® and FedNow Service exception cases with other financial institutions and the U.S. Department of the Treasury with consistent data fields that allow for automated exchange of information.
- FedPayments® Insights Service — Offers visual reports and trends showing changes in your FedACH activity over time, including the new ACH Return Rate Report that allows you to compare your unauthorized, invalid/administrative and overall return rates against industry benchmarks, helping identify trends that may signal emerging fraud risk.
- FedPayments Reporter Service for Check: Advance notice and corporate payor reporting gives you early access to check images, helping identify alterations, suspicious endorsements and potential deposit losses.
FRFS resource roundup
- Gain a comprehensive view of our FedACH Risk® Management Services (PDF) and their capabilities.
- Educate your team with our online fraud mitigation toolkits (Off-site) that can help you recognize emerging threats, spot red flags and take informed steps to help mitigate fraud risk.
- Contact your relationship manager to sign up for a service.
Drawing on our unique perspective across the payments ecosystem, FRFS offers tools, insights, education and resources designed to complement existing fraud mitigation efforts and help inform approaches to identifying and managing evolving fraud risks.
