Fraud is becoming more pervasive, more adaptive and more difficult to contain, and financial institutions are responding by reworking the way detection, prevention and customer protection are embedded across payment systems.
The Federal Reserve Financial Services Risk Officer Survey, released Tuesday (April 28), based on responses from more than 400 institutions, presents a systemwide view of that pressure. The central bank has found that fraud is increasing across debit, check, ACH and wire channels, driven by evolving criminal tactics, greater digital exposure and sustained scam activity that exploits both customers and institutions.
Debit card fraud remains nearly universal, while check fraud continues a multiyear resurgence. At the same time, institutions report rising exposure to account holder scams, business email compromise and unauthorized debits within ACH activity, along with persistent wire fraud tied to account takeover and mule network.
The survey emphasizes that no major fraud category is declining. As a result of that upward trajectory, institutions face a pattern of cumulative pressure in which multiple vectors, including impersonation and credential compromise, are advancing at the same time.