The United States' payment system faces dynamic, persistent and rapidly escalating threats. Stakeholders, including the Federal Reserve, are increasingly aware of the need to enhance payment security. The Federal Reserve Bank of Boston is leading efforts on behalf of the Federal Reserve System to reduce fraud risk and advance the safety, security, and resiliency of the U.S. payment system.
The Boston Fed is developing a multi-stage, data-driven approach to understand aspects of payment fraud, including measurement, causes, associated costs, contributing factors. Through this work, the Bank expects to gain insight on payment security vulnerabilities and help inform the Federal Reserve's ongoing collaboration with the U.S. payment industry.