The U.S. Board of Governors of the Federal Reserve System announced that it is undertaking a study that will begin this month with respect to fraud in the U.S. payments system. The study will identify causes and contributing factors to fraud in the U.S. payments system, such as payment security vulnerabilities, and will measure the costs associated with such fraud. The study was commissioned as part of the Federal Reserve Board’s
Next Steps in the Payment Improvement Journey paper that was released last year. A global management consulting firm will conduct the study, which is expected to last up to six months. The study is intended to provide data to assist the Federal Reserve with its collaboration with the payments system industry with respect to the security of the payments system.
View the full text of the Federal Reserve Board announcement.