In 2024, Federal Reserve Financial Services surveyed more than 360 financial institutions to shed light on the evolving payment system risk challenges they encounter. The Key Findings From the 2024 Federal Reserve Financial Services Survey of Risk Officers reveals the significant impact of fraud and the shifting nature of check fraud. It also includes a summary of industry trends using the FraudClassifier℠ model.
Read the full 2024 report here (PDF)
Key report findings
- Among all payment types, financial institutions experienced the most fraud and losses related to debit cards and checks.
- Debit card-related incidents caused the largest year-over-year increases in financial institution fraud losses, followed closely by check.
- Counterfeit checks, payee forgery and check washing were among the primary drivers of fraud events for financial institutions in 2024.
- Financial institutions perceived physical forgery/counterfeit, compromised credentials and physical alteration as the top increasing fraud events.
These insights offer a valuable industry perspective on the risk management landscape in which financial institutions operate. Applying these findings can help clarify your experience in key areas of risk management.
To gain a holistic view of how fraud involving payments is affecting your organization:
- Visit our FraudClassifier (Off-site) and ScamClassifier℠ model (Off-site) pages to learn how they can assist organizations with accurately classifying and reporting fraud and scams.
- Add FedDetect Anomaly Notification for FedACH® Services and FedDetect® Duplicate Notification for Check Services to your risk mitigation toolbelt to help you identify check and ACH fraud.
