Reports of financial scams and fraud are continuing to escalate in number and sophistication year over year. The use of modern technology and the increase in new, emerging tactics are helping criminals be more successful than ever in their attempts to steal funds from individuals and businesses. Even older, less complex methods of fraud and scams are becoming more believable and harder to identify due to current techniques.
To address these new advancements in payments fraud, the Federal Reserve released a fourth toolkit – the Account Takeover Fraud Mitigation Toolkit – which details what Account Takeover Fraud is and how it happens.
Additionally, substantial enhancements have been made to our Scams Mitigation Toolkit and Check Fraud Mitigation Toolkit including a robust selection of new downloadable resources, and three new interactive “Test Your Knowledge” assessments.
New Account Takeover Fraud Mitigation Toolkit
Account takeover fraud occurs when a criminal gains unauthorized access to a legitimate user account and exploits that access for fraudulent purposes. Account takeover fraud has increased in recent years and is driven in part by a combination of consumers’ expanded digital footprints, criminals’ wider access to breached user data, and emerging technologies that can make account takeover easier to automate.
The newly published Account Takeover Fraud Mitigation Toolkit includes the following easy-to-navigate modules:
Module 1: Account Takeover Fraud Basics — Explains what account takeover fraud is, why you should care and why it is important to mitigate it.
This module provides education on:
- What is Account Takeover Fraud? (PDF)
- What is Account Takeover Fraud? (Off-site, YouTube)
- Why Account Takeover Fraud is so Damaging (PDF)
- Infographic: Why Account Takeover Fraud is so Damaging (PDF)
- Key Drivers of Account Takeover Fraud in Today’s Landscape (PDF)
Module 2: How Account Takeover Fraud Happens — Educates on the account takeover lifecycle and explores the following:
- Understanding Account Takeover Fraud (PDF)
- The Role of Non-Financial Digital Accounts in Account Takeover Fraud (PDF)
- How Technology is Driving Account Takeover Industrialization (PDF)
- How Business Accounts may be Targeted for Account Takeover (PDF)
- The Account Takeover Fraud Life Cycle (PDF)
- The Account Takeover Fraud Life Cycle (Off-site, YouTube)
Check Fraud Mitigation Toolkit – New Enhancements
Check fraud is a financial crime that involves the unauthorized use of a paper or electronic check. Its consequences include financial losses, operational disruptions and eroding trust in financial institutions. Criminals are becoming more sophisticated and their efforts more believable with the help of advances in technology and access to data.
The newly published enhancements to the Check Fraud Mitigation Toolkit include additional resources and interactive quizzes:
New ‘Test Your Knowledge’ assessments
- Identify Fraudulent Checks by Assessing the Situation Holistically
- Identifying Red Flags on Deposited Checks
New downloadable resources
- Balancing the Risks and Benefits of Generative AI in Combating Check Fraud (PDF)
- The Risks of Stolen Checks (PDF)
- Check Image Analysis: How it Works and Why it Matters for Mitigating Check Fraud (PDF)
- From Teller to Mobile: How to Strengthen Check Fraud Controls Across Deposit Channels (PDF)
- Monitoring Criminal Channels to Fight Check Fraud (PDF)
- Pause and Verify: A Guide for Individuals to Avoid Fake Check Scams (PDF)
- What to do if Check Fraud Happens: A Resource for Individuals and Businesses (PDF)
- How Financial Institutions can Respond to Check Fraud (PDF)
Scams Mitigation Toolkit – New Enhancements
A scam is defined as the use of deception or manipulation intended to achieve financial gain. This growing, evolving threat impacts individuals, businesses and entire economies. Consequences include financial, emotional and psychological tolls. In some cases, the stolen money fuels global organized crime.
The newly published enhancements to the Scams Mitigation Toolkit includes these additional resources and interactive quizzes:
New ‘Test Your Knowledge’ assessments
New downloadable resources
- Package Delivery Scams: Stay Alert for Impostor Messages (PDF)
- Business Impostor Scams: Streaming and Internet Providers (PDF)
- Gift Cards and Scam Payments: Protect Your Customers (PDF)
- Sweet Talk to Financial Ruin: Romance Impostor Scams (PDF)
- Romance Impostor Scams: How Criminals Exploit Trust to Steal Money (PDF)
- Customer Conversation Tips for Scams Mitigation (PDF)
- Considerations for Effective Customer Education About Scams (PDF)
- Scams Scenario: Other Trusted Party (PDF)
- Scams Scenario: Property Sale or Rental (PDF)
- Mitigating Scams Through Information Sharing (PDF)
Don’t forget to explore our Synthetic Identity Fraud Mitigation Toolkit where you can find a comprehensive collection of downloadable resources, videos and self-assessments that let you evaluate your ability to identify synthetic identity fraud.
Stay Engaged
A second release on of the account takeover fraud mitigation toolkit exploring prevention, detection and real-life scenarios, is expected later this year. Watch for more information and learning opportunities from the Fed as we continue to collaborate with the payments industry to address the growing threat of fraud.