As e-commerce volumes continue to increase, the Federal Reserve has been working in collaboration with payments professionals over the past two years to research key remote authentication fraud challenges and mitigation efforts.
Heightening the need for greater attention to authentication fraud, the COVID-pandemic increased demand for more consumers to enroll in online or mobile (digital) accounts to make remote payments. In fact, average U.S. consumer e-commerce spending was 36% of total spending in December 2020, up from just 26% in March 2020.[1]