Payments, Standards, and Outreach Group (PSOG)

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:

December 2017 Fraud Pulse Survey of U.S. Retail Organizations

Sponsored by the Federal Reserve Bank of Minneapolis

The Payments, Standards, and Outreach Group of the Federal Reserve Bank of Minneapolis has engaged Phoenix Marketing International to conduct an online survey of U.S. retailers. The theme of this Fraud Pulse Survey centers on fighting fraud in the e-commerce sales channel. The brief survey covers these topics:

  • Where CNP/e-commerce payments fraud ranks in company’s overall fraud reduction efforts
  • Specific methods or tools companies use to combat e-commerce fraud and the effectiveness of those tools
  • Use/planned use of emerging tools used for the same purpose
  • Participation in industry fraud mitigation partnerships and the effectiveness of those efforts
  • New fraud issues that are emerging in card-not-present transactions/e-commerce sales channel

In this survey, we are not asking questions about cost or volumes of fraud but are specifically looking to identify the most frequently used and effective mitigation tools and approaches.

Telephone screening interviews are being conducted to identify qualified fraud experts at retail organizations, who will then get an email with a link to the online survey. As an incentive participants will receive access to a private portal showing national and peer group results presented in a way that guarantees anonymity.

Findings will be publicly shared as summary-level data, initially with other participants via the above-mentioned portal, and later publicly. Specific responses will be shared with a limited number of Federal Reserve Bank staff. No specific information about the respondent’s company will be released at individual or company levels.

If you are contacted and are willing to participate, we very much appreciate you sharing your viewpoint. Thank you in advance for your cooperation.

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 fedpaymentsimprovement.org).