Sharing Scam Information Supports Better Outcomes
Collaboration across the payments industry is key to effectively mitigating scams. Disconnected efforts to detect and prevent scams allow criminals to successfully repeat tactics and schemes. Sharing information, such as current scam trends, known bad actors, data or risk signals, may benefit institutions and help disrupt criminals’ schemes.
Stakeholders across the U.S. payments ecosystem often lack real-time access to current, industrywide information that could help them develop more effective strategies to detect and prevent a growing number of scams — as well as other fraud types. Scams and fraud continue to cause significant financial losses and negatively impact both individuals and organizations. Most information about fraud and scams remains siloed, causing fragmented, less effective attempts to combat them. Furthermore, information sharing is held back by the complexity of the challenge and lack of an industry-level solution.
Explore this module to:
- Gain insights into the benefits of sharing information for scam detection and prevention
- Learn about the work of the scams information sharing industry work group convened by the Federal Reserve, specifically:
- Its efforts to promote dialogue and encourage action to increase information sharing
- Its recommendation for the industry to consider a solution or establish an independent information exchange framework to provide a centralized source for scam intelligence across payment rails
Downloadable Resources
Explore these resources for additional information on scams information sharing.
| Document Title | Format | Reading Time |
|---|---|---|
| Information Sharing: A Vital Resource (PDF) | Document | 3 minutes |
| Scams Information Sharing Industry Work Group Recommendations (PDF) | Document | 14 minutes |
Explore the toolkit modules below for resources for resources to help prevent and detect scams.
The scam mitigation toolkit was developed by the Federal Reserve to help educate the industry about scams and outline potential ways to help detect and mitigate scams. This toolkit and the ScamClassifier model discussed in this toolkit, are not intended to result in any regulatory or reporting requirements, imply any liabilities for fraud loss, or confer any legal status, legal definitions, or legal rights or responsibilities. While use of the toolkit and the model is encouraged, utilization is voluntary at the discretion of each individual entity. Absent written consent, neither the toolkit nor the model may be used in a manner that suggests the Federal Reserve endorses a third-party product or service.