X9 Launches Industry Forum To Combat Payment Fraud
By CU Today Staff —
ANNAPOLIS, Md.— The Accredited Standards Committee X9 has launched an industry forum focused on identifying ways to reduce fraud across payment types and networks. Participation in the X9 Payment Fraud Forum is open to anyone in financial services, and the member-driven group will meet virtually each month.
The forum will bring together representatives from across the payments industry to improve collaboration, information sharing and the identification, categorization and reporting of fraud. Its initial leadership includes representatives from Federal Reserve Financial Services, The Clearing House and the U.S. Faster Payments Council.
"Effectively combating payment fraud requires coordination across the entire payments ecosystem," said Mike Timoney, vice president of secure payments for Federal Reserve Financial Services. "This initiative is focused on turning industry collaboration into action -- identifying opportunities where organizations can work together to address shared challenges and strengthen the safety and resiliency of U.S. payments."
"Payment fraud is an industry-wide challenge that cuts across institutions, payment methods and individual organizations. No single participant has a complete view of the evolving fraud landscape," said Kyle Caldwell, vice president and head of fraud prevention at The Clearing House. "The Clearing House is pleased to participate in the X9 Payments Fraud Forum and contribute our perspective to a broader industry dialogue focused on strengthening our collective understanding of fraud and the challenges facing the payments ecosystem."
The forum plans to produce white papers and market-practice guidance, and its work could eventually support the development of industry standards.
Originally reported by CU Today.