Fed Asks NACM Members for Help in Fraud Study

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A collective of five Federal Reserve Banks is spearheading a study on the challenges of payment fraud through early May. Participation is requested from payments risk management professionals, including those in credit and finance, as well as compliance, risk management, treasury and audit departments. Specifically noting that credit professionals are an underrepresented group, the Fed hopes to see greater representation from NACM members in this online survey.

Representatives from the Federal Reserve Bank of Minnesota, which also heads the Remittance Coalition in which NACM is a member, believe that credit professionals in the B2B sphere could have an important impact in this survey if more participate in the online questionnaire. The survey is open now, through May 9, and is available here. The survey addresses the various payments-related fraud experiences of financial institutions and businesses.

NACM strongly encourages its membership to take part in this important venture, as the more data that is available on topics like payment fraud, the more equipped federal agencies and private businesses alike will be able to combat such problems. The survey should take about 30 minutes to complete and, to help with tracking purposes, please write "NACM" in the field marked "Other, please specify" for the question about trade association membership on page three of the questionnaire.

The effort dovetails with NACM's involvement in the Remittance Coalition, which is a group of organizations working to promote greater use of electronic B2B payments and electronic remittance data exchanges. Among the coalition's priorities for 2014 are improved outreach to small businesses, a comprehensive B2B directory project and promotion of a remittance terms glossary. More information on the Remittance Coalition is available here.

- Brian Shappell, CBA, CICP, NACM staff writer

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