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06/17/2024
Stomp out Scams with the ScamClassifier Model
The Federal Reserve FedPayments Improvement
The payments industry now has a new tool to improve scam reporting, detection and mitigation. Released in summer 2024, the ScamClassifierSM model supports consistent and detailed classification, reporting, analysis and identification of scams, attempted scams and related trends.
The Federal Reserve and a work group of payments and fraud experts developed the ScamClassifier model because scams are growing in both prevalence and severity. For example, more than $10 billion (Off-site) in 2023 consumer fraud losses were reported to the Federal Trade Commission, a 14% increase from 2022. Investment scam losses were the largest category, up 21% from the previous year to more than $4.6 billion. As another example, scammers pose as legitimate entities to solicit payments through techniques that include business email compromise (BEC, Off-site), which is classified as part of the business impostor scam type. BEC complaints to the FBI’s Internet Crime Complaint Center (Off-site) rose 7% in 2023, to 21,489 complaints totaling $2.9 billion in reported losses.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
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Resources
Your electronic library to help in fighting financial fraud for all of our partners.
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