Kansas Fed paper looks at weak US fraud controls
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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