Kansas Fed paper looks at weak US fraud controls

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The US has the highest overall payments fraud rate of four major economies, recent research published by the Federal Reserve bank of Kansas City finds.

Fumika Hayashi estimates “in-person, remote and overall fraud rates” in the US from 2012–16 to those in Australia, France and the UK.

Hayashi finds that the US has almost three times higher in-person fraud rates than the other countries. She points to three factors that could explain this disparity. A much smaller proportion of in-person

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