A Federal Reserve-backed working group has recommended that the US payments industry establish an independent information exchange framework designed to provide a centralized source for scam intelligence across payment channels.
In 2024, Americans reported losing over $12.5 billion to fraud—a 25% increase from the previous year, according to data from the Federal Trade Commission. However, stakeholders in the US payments ecosystem currently lack real-time access to the comprehensive industry-wide information needed to develop effective strategies for detecting and preventing an increasing number of scams.
To address this issue, a scams information-sharing industry working group was launched in 2023, bringing together 30 experts in fraud prevention and payments. The group has published its recommendations, advocating for an information exchange that could connect existing and future data sources, enabling organizations to gain a holistic understanding of emerging scam threats, patterns, and tactics.
If supported by the industry, the initiative would involve establishing a governing body—such as an industry-led group or coalition—to oversee the information exchange and promote scam information sharing. This body would focus on identifying relevant scam information for payment stakeholders, creating an engagement plan, recognizing current gaps in knowledge, and setting priorities for effective information distribution.
Furthermore, the working group proposes a phased approach starting with minimal functionalities that would allow organizations to share scam-related insights and trend data. Subsequent phases would aim to provide access to information about scam recipient accounts and facilitate the acceptance of scam data submitted by participants.