The Federal Reserve Bank of Minneapolis, along with the other 11 Federal Reserve banks, works to assure the smooth movement of funds between banks, savings and loans and credit unions through a nationwide electronic payments system. The Minneapolis bank also provides financial institutions in this bank's region with an adequate supply of coin and currency and destroys worn and damaged currency.
Support the Federal Reserve Banks' mission in the payments system through effective industry outreach and payment standards development work conducted locally, nationally, and internationally.
Senior Vice President
The Federal Reserve Banks of Minneapolis, Boston, Dallas, and Richmond and the Independent Community Bankers of America conducted a payments fraud survey during April and May 2012. Payments fraud is an ongoing concern of financial professionals whose job it is to protect their organization’s payments transactions from traditional and emerging fraud schemes. Payment fraud attacks and losses using cards and check transactions continue to outpace those of other payment types; regardless, all payments are vulnerable to fraud.
The 2012 survey summary identifies payment types most vulnerable to fraud attacks and losses, schemes most prevalent today, fraud prevention methods used and the effectiveness of each, and opportunities to further reduce payments fraud.
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The Remittance Coalition is a group of organizations and individuals working together to promote greater use of electronic business-to-business (B2B) payments and electronic remittance data exchanges. The Coalition accomplishes this objective by addressing various problems and barriers that make it difficult for businesses to use electronic alternatives to paper checks and remittance advices.
Learn more and find all documents related to the coaltion on The Remittance Coaltion web page.