U.S. Bank Group Completes Phase One of Fraud Study
The Financial Technology Consortium (FSTC) says it has completed the first phase of a project to study transaction fraud across the entire financial services spectrum.
The New York-based FSTC provides a forum for banks, IT companies and other organizations to collaborate in developing new financial services technologies. The FSTC says the project resulted in the development of a fraud classification model that ôcan become an important tool in promoting financial institution collaboration in the war on fraud.ö The Fraud Collaboration Project was launched in August of 2007. Its stated aim was to demonstrate the value of collaboration via a shared fraud pattern database and to identify the infrastructure needed to make use of such a database on a collaborative basis. ôResponding to threats posed by modern fraud requires unprecedented levels of cooperation and coordination between lines of business, industries, and government agencies,ö says Brian Kelly, an Ernst and Young executive and FSTC team member. ôFraud is growing and getting more serious and sophisticated, providing increased motivation for sharing information to mitigate the risks.ö Jim Pitts, the FSTCÆs managing executive, tells ePaynews that the organization has sent out a request for participation in the second phase of the project. ôWe expect to attract a good cross-section of financial institutions and technology providers,ö Pitts says. ôWe would also like to include perspectives from corporate and retails interests as well.ö The second phase will look at topics such as the fraud prevention technologies available today, and how to share real-time fraud information using the classification model developed in the first phase. Related Links
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