Examining Faster Payments Fraud Prevention

The U.S. Faster Payments Council (FPC) formed the Fraud Information Sharing Work Group to identify enhancements that will make the current fraud information sharing processes more efficient and effective. The aim is to foster better user experiences, bolster confidence and trust in Faster Payments, and facilitate faster reaction times to address threats to the ecosystem.

The Work Group is composed of team members possessing expertise and experience within Faster Payments in product management, operations, technology, fraud prevention, risk management, and control management.

The Work Group’s goals include identifying common definitions for fraud reporting and education, awareness of specific scams and tactics, sharing of fraud prevention techniques, and identifying fraud sharing forums as opportunities for collaboration.

The FPC recognizes that many payment channels are in use including ACH, wire, and cards.

While many of the themes and practices in this white paper apply to those, our primary focus is Faster Payments.

Our first deliverable is this white paper addressing the following two areas of Fraud Prevention as they pertain to Faster Payments:
1. Fraud Themes and Trends: Examination of current events to provide clarity and insight
2. Approaches for Mitigating Fraud

This document represents the collective research of the Work Group. There are many external
references highlights