In 2023, Federal Reserve Financial Services surveyed 228 risk management professionals to shed light on the evolving payment system risk challenges their financial institutions encounter. The Key Findings from the 2023 Federal Reserve Financial Services Survey of Risk Officers reveals that external fraud and cybersecurity remain primary concerns.
Read full 2023 report here (PDF)
Key findings of the report
The report found:
- Check-related incidents caused the largest year-over-year increase in financial institution fraud losses, followed closely by credit card fraud.
- The survey found substantial year-over-year growth in attempted fraud via non-bank applications and credit card transactions.
- An estimated two-thirds of annual fraud loss expenses occurred in debit card and check transactions respectively, with checks nearing the levels of debit card fraud.
- Strategic uncertainties, cybersecurity and regulatory ambiguities had the most impact on payment system risk.
- Addressing check fraud-related incidents and digital fraud are top priorities for risk leaders.
These insights offer a valuable industry perspective on the risk management landscape in which your institution operates. Applying these findings can help clarify your experience in key areas of risk management.
Explore FRFS Risk Management resources in the Risk Management Toolbox. To gain a holistic view of how fraud involving payments is affecting your organization, visit our FedPayments Improvement website (Off-site) and our FraudClassifierSM model page (Off-site).
