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
Video games’ evolving revenue models and payments infrastructure have helped the industry boom.
Payments
Payments System Research Briefing
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Sam Baird
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.
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.
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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Cash Bill Pay Services and Payment Inclusion in the United States
Cash bill pay, a service that allows consumers to pay bills with cash at participating retailers, may be one way to promote payment inclusion in the increasingly digitized U.S. economy. With this service, consumers who prefer to use cash, or those without a transaction account, can have in-person, tangible experiences paying bills.
Payments
Payments System Research Briefing
Banking and Finance
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Franklin Noll
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October 18, 2024
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The Role of Nonbanks and Fintechs in Boosting India’s UPI Person-to-Merchant Transactions
Unified Payments Interface (UPI), a mobile-based instant payment system in India, has grown substantially in the last few years. Indians initially used UPI for person-to-person (P2P) payments, but today use UPI more for person-to-merchant (P2M) payments. Nonbanks and fintechs have contributed to the rapid growth of UPI P2M payments by providing third-party apps, merchant services, and consumer credit, as well as enabling UPI P2M payments to expand beyond India’s borders.
Payments
Payments System Research Briefing
International
Banking and Finance
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Aditi Routh
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August 30, 2024
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As Earned Wage Access Grows, Oversight Tries to Catch Up
Earned wage access (EWA) services have grown in popularity as more providers offer them and more businesses and consumers use them. However, the complex fee structures and high costs of EWA, as well as some users’ heavy reliance on these services, have raised concerns. Regulatory and legislative bodies have begun to respond to these concerns, with states taking the lead in proposing or passing EWA legislation.
Labor and Demographics
Payments
Payments System Research Briefing
Banking and Finance
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Terri Bradford
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May 15, 2024
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The Role of Core Banking Services Providers in Facilitating Instant Payments
Core banking services providers play key roles helping depository institutions (DIs) offer instant payments. Specifically, core providers process transactions in real time and connect DIs to instant payments system operators, upgrade customer-facing solutions, and facilitate open banking and embedded finance. As the United States implements instant payments systems, the market structure surrounding core providers may evolve, and competition between fintechs and DIs for end users may intensify.
Payments
Payments System Research Briefing
Banking and Finance
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Julian Alcazar
Sam Baird
Emma Cronenweth
Fumiko Hayashi
Ken Isaacson
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May 8, 2024
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