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U.S. Faster Payments Council: 2021 Faster Payments Fraud Survey and Report

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Overseen by the U.S. Faster Payments Council (FPC), the Fraud Information Sharing Work Group
(FISWG) is focused on providing valuable insights to users and providers of faster payments with
respect to fraud prevention, fraud themes and trends, and improving the safety and security as new
solutions and networks are launched. In July 2020 the FISWG published the Examining Faster
Payments Fraud Prevention white paper, examining the current fraud themes and trends, and
approaches for mitigating these risks in a faster payments environment, receiving a warm welcome
by practitioners and financial organizations alike. In response, the FISWG was called upon to provide
more details on actual types of fraud occurring in conjunction with faster payments, how the fraud is
being tracked, preventative tools implemented to protect against fraud, etc.

The FISWG met this call to action by conducting its inaugural Faster Payments Fraud survey in August 2021 with the objective of obtaining both quantitative and qualitative data from members of the FPC.
The results of this survey were later synthesized to identify commonalities, outliers, and similar
findings of interest, and consolidated in this first edition of the FISWG Faster Payments Fraud Survey
and Report. In addition to consolidating the survey results, this report provides insight in comparison
to non-U.S. geographies, providing a global context of faster payments and fraud.

The intent is for this survey to be the first of many, with subsequent surveys issued periodically,
potentially every two to three years, depending on interest from the industry. Future surveys will
incorporate learnings from each preceding survey; we welcome your feedback in the continued
evolution of this survey and report. The following report begins with an international perspective,
then shifts focus to the United States and the 2021 report. We hope you find this document insightful
and valuable.

Download the report (PDF)

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