A Federal Reserve survey of risk officers at financial institutions found that debit card fraud drove fraud losses at those institutions in 2024, followed closely by check fraud.
The number of financial institutions that experienced attempted check fraud grew by 10% from 2023 to 2024, followed by attempted automated clearing house fraud at 9% and debit card fraud at 6%. However, debit card fraud accounted for 39% of fraud losses last year, followed by check fraud at 30%. ACH fraud accounted for 9% of losses while credit card fraud accounted for 5%. The remaining losses were attributable to other payment methods — such as wire transfers and nonbank apps — although instant and real-time payments saw low to no reported losses.
Financial institutions reported increases in check fraud events involving counterfeit checks, check washing and payee forgery, according to the report. Events involving kiting, float and paperhanging all decreased, “suggesting cooperative industry efforts are reducing risk and losses.”
