The Federal Reserve released its latest payments study fraud report, which details the cost and number of fraudulent payments in the United States. Among the important findings:
- The 2015 payments fraud rate, by value, was more than 20 percent larger than in 2012, while the 2015 fraud rate, by number, was nearly 70 percent larger than in 2012
- There was an estimated 46 cents of payments fraud for every $10,000 of payments in 2015, compared to 38 cents of payments fraud for every $10,000 of payments in 2012
- The value of fraudulent card payments and automated teller machine (ATM) withdrawals rose from an estimated $4 billion in 2012 to $6.5 billion in 2015
- Card fraud, by value, accounted for more than three-fourths of noncash payments fraud in 2015, rising from less than two-thirds in 2012
- The value of ACH fraud rose to $1.2 billion in 2015 from $1 billion in 2012, but the fraud rate was little changed
For the full report, including charts and data tables, visit the Federal Reserve Payments Study (Off-Site) page.
In addition, the Federal Reserve commissioned Boston Consulting Group earlier this year to assess fraud and associated costs, causes and contributing factors. For more information, visit the Payments Security page.