Fraud growing faster than non-cash payments, Fed finds
Cases of payments fraud are getting smaller but more common, survey finds
Incidence of payments fraud in the US has grown faster in recent years than non-cash payments, the Federal Reserve finds in a new study.
A survey of depository institutions found the value of non-cash payments rose 12% between 2012 and 2015, while the value of non-cash payments fraud increased 37%. As such, any given transaction at the end of the period was somewhat more likely to be fraudulent.
The work reveals some notable patterns in fraud as methods of payments change. More secure methods
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