Company

Federal Reserve Bank of BostonThe Boston Fed works to promote sound growth and financial stability in New England and the nation. We contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts.

The Federal Reserve has developed a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality, called the FedNow Service. This service enables financial institutions to provide their customers with the ability to send and receive payments any time, any day, and have full access to those funds within seconds. This position is a unique opportunity to be part of this mission-critical Federal Reserve initiative that is transforming the payments landscape in the United States.

Payments fraud continues to evolve rapidly as fraudsters adopt new tools and AI-driven tactics. This project will help the FedNow product team scan the horizon for technologies that could add to our fraud roadmap in a meaningful way by exploring trends, assessing the opportunity and feasibility, and identifying where FedNow can use these capabilities to progress / accelerate out work.

This role requires an in-person schedule. Candidates must reside in a commutable distance from the Boston Fed Bank location.

Project:

Emerging Technologies Landscape for Payments Fraud Prevention

The summer intern will:

• Research, evaluate and summarize emerging technologies that can improve fraud detection and risk mitigation across the FedNow network
• Identify emerging technologies that can remove barriers to developing fraud mitigation tools or provide novel fraud mitigation solutions
• Conduct landscape analysis of key fraud related technologies (e.g., AI agents, privacy enhancement technologies, etc.)
• Map each technology to potential roadmap opportunities
• Develop a recommendation regarding technologies to pursue with pros / cons, risks, and cost / benefit considerations
• Present the overall project and recommendation to the FedNow product team and intern teams

Desired Skillset:

• Structured thinking: ability to take general direction and formulate a well-thought-out plan
• Self-Driven: ability to proactively and independently research information
• Strategic: ability to take disparate pieces of information from research and pull them together to formulate a cohesive strategy relevant for FedNow
• Articulate: ability to take complex concepts and explain clearly to working groups and leadership
• Nice-to-have: interest in technology and developing products; curious mindset in understanding how things work

Benefits for Intern:

• Experience working within a product team focused on product strategy
• Opportunities to establish working relationships with various Federal Reserve teams and leaders for future career opportunities
• Sharpen research and presentation skills

Pay Range:

Range is $18-$31 per hour. Actual pay within the range will be set based on undergraduate/graduate year and relevant experience.

The Federal Reserve Bank of Boston is committed to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks.

The second phase is an additional risk-based security screening determined by the risk rating of the position. Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.

All applicants must have resided in the United States for at least three (3) years.

Full Time / Part Time

Full time

Regular / Temporary

Temporary

Job Exempt (Yes / No)

No

Job Category

Internship Family Group

Work Shift

First (United States of America)

The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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