Fed Asks NACM Members For Help in Fraud Study

A collective of five Federal Reserve Banks is spearheading a study on challenges with payment fraud through early next month. And Fed representatives specifically targeted the NACM membership as a group that has been "underrepresented" and one it hopes to see greater representation from in its online survey.

Representatives from the Federal Reserve Bank of Minnesota, which also heads the Remittance Coalition which NACM joined as a member earlier this year, contacted NACM directly this week noting that they believe credit managers in the B2B sphere could have an important impact on this year’s payments fraud survey if more within the industry would participate in the online questionnaire. The survey is open through May 9 and is available at https://www.frbsurveys.org/se.ashx?s=3FD0ADC703792AFC. The survey addresses the various payments-related fraud experiences of financial institutions and businesses. It should take about 30 minutes to complete.

NACM strongly encourages its membership to take part in this important information-gathering 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. And to help with our tracking purposes, it is also suggested that, on page three of the questionnaire, our members note they are part of NACM by writing that in on the line marked "other." The effort also dovetails well with NACM’s involvement in the aforementioned Remittance Coalition, which is a group of organizations working to promote greater use of electronic B2B payments and electronic remittance data exchanges. Among 2014's priorities for the coalition 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 at www.minneapolisfed.org/about/whatwedo/remittancecoalition.cfm.

- Brian Shappell, CBA, CICP, NACM staff writer

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