The Financial Technology Consortium (FSTC) announced the completion of a project studying financial transaction fraud. According to the organization, the seven-month project resulted in the development of a fraud taxonomy model that can become an important tool in promoting collaboration of financial institutions in the war on fraud.

The Fraud Collaboration Project was launched in August of 2007 with goal a shared fraud pattern data base and identifying the infrastructure needed to use such a data base on a collaborative basis. Because of the complexity of the project, the team of participants broke into four work groups to complete many tasks that needed to be performed. The groups research is as follows: Research of legal and regulatory framework; Cataloguing of current anti-fraud initiatives and similar industry programs; Development of a taxonomy of financial fraud schemes with a glossary of terms to create a model to be used as common ground to support interactive collaboration within the industry; Development of an initial concept of operations for sharing of fraud data within the industry to detect, respond and investigate fraud.

What does this mean to consumers? There are institutions that are taking our personal information seriously and are finding ways to keep our private and sensitive information safe.

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