From the Board of Governors of the Federal Reserve System
The value of fraudulent noncash payments in the United States rose significantly between 2012 and 2015–outpacing growth in noncash payments overall, according to a new report based on Federal Reserve Payments Study data. The study’s survey of depository institutions found that the value of noncash payments fraud rose 37 percent from $6.1 billion in 2012 to $8.3 billion in 2015. Over the same period, the total value of noncash payments rose 12 percent from $161.2 trillion to $180.3 trillion.
The report provides estimates of payments fraud totals and rates for payments processed over general-purpose credit and debit card networks, including non-prepaid and prepaid debit card networks, the automated clearinghouse (ACH) transfer system, and the check clearing system. These payment systems form the core of the noncash payment and settlement systems used to clear and settle everyday payments made by consumers and businesses in the United States.
