The 2014 Payments Fraud Survey, spearheaded by the Federal Reserve Bank of Minneapolis, notes that non-FS respondents reported that the top priorities for fraud prevention are:
- Replacement of credit card magnetic strips with chip-based ones.
- Better information sharing on emerging fraud tactics
- More aggressive law enforcement
Notably, 67% of non-FS business that made key changes to risk management practices saw the percentage of losses decrease. Still, respondents voiced concern regarding the amount spent on fraud mitigation over the last two years, as it was often higher than estimated losses.
The 2014 version of the survey shows an increased commitment by the Fed to include non-FS industries in its studies. Since the last study in 2012, the share of non-FS companies, which includes trade creditors represented in the study, jumped to 44% of total respondents from 6%. Among non-FS groups, 17% reported an affiliation/membership with NACM, which marked the highest representation among all trade associations participating in the 2014 Fed study.
- Brian Shappell, CBA, CICP, NACM Managing Editor
Please visit the NACM's Knowledge & Learning Center and scroll down to the "Download Surveys" section to view a copy of the full report.