U.S. Faster Payments Council Releases First Edition of Faster Payments Fraud Survey and Report
For Immediate Release
March 9, 2022 – The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today released the first edition of the Faster Payments Fraud Survey and Report. Developed by the FPC Fraud Information Sharing Work Group (FISWG), the new report explores the results of its inaugural Faster Payments Fraud Survey, offers insight in comparison to non-U.S. geographies, and provides a global context of faster payments and fraud.
In July 2020, the FPC published the Examining Faster Payments Fraud Prevention white paper, examining the current fraud themes and trends, and approaches for mitigating these risks in a faster payments environment. As follow up to the paper, the FISWG conducted an industry survey in August 2021 to gather more details on actual types of fraud occurring in conjunction with faster payments, how the fraud is being tracked, and preventative tools implemented to protect against fraud. The results of the survey were later analyzed to identify commonalities, outliers, and similar findings of interest, and consolidated in the 2021 Faster Payments Fraud Survey and Report. “Both faster payments and fraud continue to evolve as new technologies and opportunities present themselves,” said Andrew Haskell, Director/Product Line Manager at BNY Mellon and Fraud Information Sharing Work Group Chair. “In response, this inaugural Faster Payments Fraud Survey and Report is intended to provide insight into fraud trends and mitigation techniques in the United States and abroad, and synthesized findings from a survey of FPC members. This is a valuable tool for faster payments providers and users alike, with future iterations remaining abreast of market changes.” The FPC’s newest industry resource begins with an international perspective, then shifts focus to the United States and results from the 2021 survey. As part of the development process, domestic and international research was conducted to detect what fraud trends emerged after launching faster payments, statistics on fraud (if available), and what mitigation techniques were employed. These insights served to inform the survey design and to understand lessons learned from other faster payment system deployments globally. "It was a real pleasure working with this team on such an important topic. The survey confirmed the types of fraud and scams being experienced in the United States follow a similar pattern to other countries,” said Deborah Baxley, Partner at PayGility and FPC Fraud Information Sharing Work Group Vice Chair. “One goal of our survey is to highlight faster payments fraud mitigation techniques that will help the entire industry. We're looking forward to keeping up the momentum." The intent is for the inaugural Faster Payments Fraud Survey and Report to be the first of many, with subsequent surveys issued periodically, potentially every two to three years, depending on interest from the industry. Future surveys will incorporate learnings from each preceding survey.
The FPC prioritizes inclusion of diverse perspectives in tackling complex topics such as interoperability, identifying real-world solutions that can ease adoption of faster payments, managing security risks and fraud threats, addressing barriers to financial inclusion and cross-border payments, and more, as the organization paves the way toward a future of faster payments for all. For more information on the FPC, its current work efforts or to join, visit FasterPaymentsCouncil.org. Contact: Elizabeth Grice U.S. Faster Payments Council 720-737-7368 egrice@fasterpaymentscouncil.org About the U.S. Faster Payments Council (FPC) The FPC is an industry-led membership organization whose vision is a world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. By design, the FPC encourages a diverse range of perspectives and is open to all stakeholders in the U.S. payment system. Guided by principles of fairness, inclusiveness, flexibility and transparency, the FPC uses collaborative, problem-solving approaches to resolve the issues that are inhibiting broad faster payments adoption in this country. For more information, please visit FasterPaymentsCouncil.org.