Managing Instant Payment Risk & Fraud in the FedNow & RTP Networks 2024 | Community Bankers Webinar Network | 30 July 2024 | Webinar

This webinar will provide valuable insights into the latest risk management practices, fraud detection techniques, Nacha rules, and regulatory updates that impact instant payment networks.

After This Webinar You’ll Be Able To:
• Better identify and manage credit-push fraud in RTP and FedNow and implement the new Risk Management Framework
• Utilize the FedNow FraudClassifier Model to categorize and report fraudulent activities
• Understand the role of receiving institutions in the prevention of credit-push fraud and active detection of suspicious transactions
• Implement effective fraud management tools, such as transaction monitoring standards and controls on funds availability for accounts under scrutiny for potential fraud
• Navigate RTP and FedNow reporting requirements, including understanding and applying related operating rules and compliance requirements for reporting fraud

Webinar Details
This compelling program will offer a comprehensive look into combating credit-push fraud in real-time payment systems. It will introduce a proactive Risk Management Framework, emphasizing the critical role of receiving institutions, which were traditionally viewed as passive but are now seen as pivotal in early fraud detection. In addition, it will cover rigorous transaction monitoring, particularly in accounts susceptible to fraud, and the importance of enhanced data sharing among financial institutions for effective fraud identification and prevention. Participants will also gain insights into the Federal Reserve's FraudClassifier Model, which categorizes types of fraud within the FedNow service, aiding institutions in consistent reporting and response strategies.

Moreover, this webinar will explore recent updates to the Nacha rules that require all stakeholders in ACH transfers, except consumers, to actively engage in monitoring and managing fraud risks. These include mechanisms for delaying or returning suspicious payments and standardizing descriptions to spot anomalies faster. Additionally, the specific controls and security features of the FedNow and RTP networks, such as real-time monitoring, strong authentication, and transaction limits, will be discussed to highlight how these platforms enhance the security and integrity of instant payments.

Who Should Attend?
This webinar is ideally suited for financial executives, compliance officers, and risk management professionals who are involved in overseeing or implementing payment systems and fraud prevention strategies within their financial institution. It will also benefit staff associated with payment security, IT and cybersecurity, compliance, and operations management.

2024 Speaker

PRESENTER:

Kevin Olsen
Aap, Ncp, Aprp, Chpc, Pidgin/Payments Professor