Payments, Standards, and Outreach Group (PSOG)

2018 Webinar Series: Cool Fintech Apps for Better Financial Health

Avoiding Payday Loans focuses on apps and tools for employers and individuals that provide quick, free or low cost emergency loans and access to earned wages before payday.

2017 Financial Institution Payments Fraud Mitigation Survey – Report of Results

Staff at the Federal Reserve Bank of Minneapolis have conducted research on payments fraud mitigation since 2007. During July and August 2017, the Federal Reserve Bank of Minneapolis’ Payments, Standards, and Outreach Group fielded an online survey of financial institutions (FIs) from across the U.S. on payments fraud mitigation. There are 283 respondents, representing about a 5.8% response rate.

The survey report contains information about the most frequent fraud attacks by payment type – debit card, credit card, check, ACH, and wire – that FIs are experiencing and the usage and relative effectiveness of payments fraud mitigation methods. Risk mitigation methods for each payment type are grouped into three categories:

  1. transaction screening/scoring,
  2. authentication methods, and
  3. other reporting and risk management methods.

Aggregate results are presented in the first half of this report. Data tables shown in the second half of the report provide results by financial institution size. A copy of this report, survey questions, and definition of terms used in the survey may be found below:

PSOG Mission Statement

The PSOG advances the Federal Reserve System’s mission in payments by providing expertise in business-to-business (B2B) payment transactions, payment standards, payment fraud and emerging payments.

PSOG’s Foundational Responsibilities

  1. Payments research, notably business-to-business payments and efficiency, fraud, and more recently virtual currency/blockchain technology;
  2. Payments standards monitoring, development, and adoption
  3. Engagement with relevant external associations and groups.

Recent reports and information by the Payments, Standards, and Outreach Group at the Minneapolis Fed

The Business Payments Coalition (formerly the Remittance Coalition)

The Business Payments 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. Its wide-ranging goal is to improve the efficiency of B2B payments across the end-to-end process. The Coalition accomplishes this 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 coalition on The Business Payments Coalition web page (off site to