New Data on Card-Present and Card-Not-Present Fraud Rates in the United States
Recently updated data show that the card-present fraud rate of non-prepaid debit cards increased for transactions on single-message networks from 2021 to 2023 but decreased for dual-message networks—reversing a previous trend. The card-not-present fraud rate for both types of networks continued its upward trend. Cardholders’ fraud loss rates also continued to increase for both card-present and card-not-present transactions on both types of networks.
Payments
Payments System Research Briefing
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Fumiko Hayashi
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February 25, 2026
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How Do Consumers’ Fraud Experiences Vary with Their Financial Vulnerability?
More than one in five U.S. consumers experienced financial fraud in 2023. Data show more financially vulnerable consumers are more likely to experience fraud and ultimately incur fraud losses.
Fraud
Payments
Payments System Research Briefing
Banking and Finance
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Aditi Routh
Ying Lei Toh
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October 8, 2025
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U.S. Consumers’ Use of Cryptocurrency for Payments
Some policymakers and payments industry participants expect consumers to use stablecoins—a type of cryptocurrency intended to maintain a stable value relative to some other asset—for payments. However, the share of U.S. consumers who use cryptocurrency for payments has been very small and recently declined slightly. The most cited reason for using cryptocurrency is that the person or business receiving the money preferred it, suggesting many users passively choose cryptocurrency for payments.
Payments
Payments System Research Briefing
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Fumiko Hayashi
Aditi Routh
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September 24, 2025
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Contact and Payment Methods Used for the Top Five Categories of Scams
In recent years, the amount of money U.S. consumers have lost to scams has increased sharply. The contact methods scammers use to reach consumers and the payment methods defrauded consumers use to pay scammers vary depending on the category of scam. However, both the use of social media as a contact method and the use of cryptocurrency, payment apps, and bank transfers as payment methods have increased across the top five scam categories.
Fraud
Payments
Payments System Research Briefing
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Fumiko Hayashi
Ying Lei Toh
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September 3, 2025
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Card-Not-Present Fraud Rates in the United States After the Migration to Chip Cards
Unlike many other countries, the United States did not see a surge in the “card-not-present” fraud rate immediately after migrating to chip-card technology. Instead, the U.S. card-not-present fraud rate of non-prepaid debit cards has increased gradually over the past decade. Merchants’ and cardholders’ card-not-present fraud loss rates have increased for both dual- and single-message networks, while issuers’ card-not-present fraud loss rate has increased for single-message networks.
Payments
Payments System Research Briefing
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Fumiko Hayashi
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May 21, 2025
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Has Access to Bank On-Certified Accounts Helped Ease Financial Barriers to Bank Account Ownership?
The Bank On initiative has increased the availability of safe, low-cost bank accounts over the past decade, which may help alleviate financial barriers to bank account ownership. Data suggest that this increase in availability has helped ease a key barrier—the inability to meet the minimum balance required to waive monthly account fees—but has not eased the barrier of high or unpredictable fees.
Payments
Payments System Research Briefing
Banking and Finance
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Ying Lei Toh
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May 14, 2025
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Game Changer: The Evolution of Video Games’ Payments Infrastructure
The video game industry has become a significant economic force, generating nearly $60 billion in revenue in 2024 in the United States alone and $190 billion globally. The evolution of video game revenue models and their underlying payments infrastructure have contributed to the success of the industry. However, some aspects of video game transactions have drawn regulators’ attention due to issues related to consumer protection, data privacy, and financial crime.
Payments
Payments System Research Briefing
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Julian Alcazar
Sam Baird
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April 9, 2025
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Did Card-Present Fraud Rates Decline in the United States After the Migration to Chip Cards?
The U.S. payment industry began migrating to EMV chip-card technology in the mid-2010s to mitigate card-present fraud, especially counterfeit fraud. However, for non-prepaid debit card transactions processed by dual-message networks, the counterfeit fraud rate has not declined, and the lost-or-stolen fraud rate and overall card-present fraud rate have increased. For these transactions, card-present fraud loss rates have declined for issuers but increased for merchants and cardholders.
Fraud
Payments
Payments System Research Briefing
Banking and Finance
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Fumiko Hayashi
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February 12, 2025
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Could Municipal IDs Facilitate Access to Financial Services?
Of the approximately 5.6 million U.S. households that did not have a bank or credit union account in 2023, about 13 percent cited not having the identification (ID) required to open an account as a reason for being unbanked. Municipal ID programs provide a form of local identification and can be designed to facilitate access to banking and financial services, though challenges to achieving this potential remain.
Payments
Payments System Research Briefing
Banking and Finance
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Terri Bradford
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December 4, 2024
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Combating Authorized Push Payment Scams in Fast Payment Systems
Fast payments can help consumers improve their cash flow, but the speed and irrevocability of these payments also make them a target for fraudsters seeking to commit authorized push payment (APP) scams. Combating APP scams is critical to ensuring the safety of fast payments and building and maintaining consumer confidence in fast payment systems.
Fraud
Payments
Payments System Research Briefing
Banking and Finance
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Ying Lei Toh
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November 15, 2024
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