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Fed issues proposed rule related to FedNow Service The Federal Reserve The Federal Reserve Tuesday issued a proposed rule to govern funds transfers over its FedNow Service that would establish a new, comprehensive set of rules and set out legal rights and obligations of the Reserve Banks and FedNow Service participants. The initial launch is set to include core clearing and settlement functionality, with other features such as a request-for-payment capability and tools to support participants in their handling of payment inquiries, reconcilements, and certain exceptions. The Fed will continue to review the service and augment and enhance features in subsequent releases as needed. ....
Fed recommends synthetic ID fraud definition The Federal Reserve Tuesday released an industry-recommended definition of synthetic identity fraud: The use of a combination of personally identifiable information (PII) to fabricate a person or entity in order to commit a dishonest act for personal or financial gain. The definition was developed by a focus group of fraud experts in an attempt to improve efforts to identify and address this type of fraud. Synthetic identity fraud has been reported as the fastest-growing type of financial crime in the U.S., but multiple definitions led to inconsistent categorization and reporting. The group outlined PII elements that may be used to create a synthetic identity: ....