The Federal Reserve Banks of Boston, Chicago, Dallas, Minneapolis and Richmond are conducting a new survey that addresses payments-related fraud experiences of businesses and financial institutions. The survey aims to help the Fed better assess current challenges to mitigating payments fraud, as well as common methods used to reduce fraud risk.
The Fed is reaching out to national and regional associations, asking for member participation. Professionals in treasury, finance, compliance, risk management and audit departments are encouraged to participate, though only one response per organization is needed.
“This new survey from the Federal Reserve will be a very important gauge of how fraud is developing,” said Magnus Carlsson, AFP's manager, treasury and payments. “It can also confirm some of the results in the AFP Payments Fraud and Control Survey conducted at the beginning of the year.”
Claudia Swendseid, senior vice president of the Minneapolis Fed, noted that payments fraud remains a critical concern of treasury and finance professionals, who are on the front line of organizations seeking to protect their assets from criminals whose efforts are constantly evolving. "Fraud surveys like the one issued by the Federal Reserve Banks are a way to share information about fraud and best practices that can help financial practitioners improve their own and collective defenses," she told AFP. "Where fraud is concerned, information is power."
The survey takes approximately 20 minutes to complete, according to the Fed. A summary of the results will be made available to participating organizations.