This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
04/24/2023
Scams: A Growing and Costly Problem
The Federal Reserve FedPayments Improvement
Scams are increasingly in the news – along with astonishing estimates of the resulting losses and number of people affected. In 2022 alone, the Federal Trade Commission (FTC) reported consumers lost nearly $8.8 billion to scams (Off-site) – a 35% increase from 2021 – despite receiving half a million (19%) fewer reports of scams.
In general, scams are designed to steal money and/or goods through deception. However, the fraud and payments industries have not adopted a uniform definition of scams. Themes common to the various working definitions focus on the nature of a scam: fraudulent, deceptive, dishonest, illegal. Both consumers and businesses are victims.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information