A new tool to help prevent your credit union from falling prey to scams is now available. Last month, the Federal Reserve and a work group of payments and fraud experts introduced the ScamClassifier^SM model. Similar to the FraudClassifier^SM model, the ScamClassifier is a voluntary classification structure that supports consistent and detailed classification, reporting, analysis and identification of scams, attempted scams, and related trends. 

According to the Federal Reserve, the ScamClassifier model does not rely on communication methods, payment applications or payment types. The model poses a series of questions to differentiate and classify scams by methods, categories, and types. 

To access the full ScamClassifier model, including its supporting terms and definitions, visit the Federal Reserve’s ScamClassifer webpage. Signing up will also allow you to receive notifications of model updates and opportunities to provide feedback.