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Federal Reserve Payments Study shows increased payments fraud

Federal Reserve

On October 16, 2018, the Board of Governors of the Federal Reserve System released the latest Federal Reserve Payments Study fraud report (Off-site), which details the cost and number of fraudulent payments in the U.S. The Federal Reserve collected the fraud data using surveys of depository institutions in 2012 and 2015 and payment card networks in 2015 and 2016. The types of fraudulent payments covered in the study are those made by an unauthorized third party.

Key findings include:

  1. Noncash payments fraud, comprising card, Automated Clearing House (ACH) and check fraud, rose from $6.10 billion in 2012 to $8.34 billion in 2015
  2. Generally, payments fraud was a small fraction of the value of all payments; less than 50 cents per $10,000 in noncash payments were fraudulent in 2012 and 2015
  3. Overall, fraud is increasing by both dollar value and number of payments
  4. In 2012 and 2015, most payments fraud was by card
  5. From 2015 to 2016, in-person card fraud declined and remote card fraud increased


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