The Federal Reserve Banks of Boston, Dallas, Minneapolis and Richmond and the Independent Community Bankers of America conducted a payments fraud survey during April and May 2012. Payments fraud is an ongoing concern of financial institutions in the First District, whether they are commercial and community banks, thrifts or credit unions. Payment fraud attacks and losses using cards and check transactions continue to outpace those of other payment types; regardless, all payments are vulnerable to fraud.
The 2012 Payments Fraud Survey Summary identifies payment types most vulnerable to fraud attacks and losses, schemes most prevalent today, fraud prevention methods used and the effectiveness of each, and opportunities to further reduce payments fraud. Below are summary results for the First, Ninth, and Eleventh Federal Reserve Districts, and consolidated results which include results from the four participating Federal Reserve Banks and the ICBA.