Fed’s Triennial Payments Study Will Include Fraud Info for First Time (Jan. 21, 2013)
Jan. 21, 2013
The Federal Reserve’s Retail Payments Office (RPO) last week announced it will be conducting its triennial study to determine the current volume and composition of electronic and check payments in the United States, with new attention on fraud metrics. “While the Federal Reserve’s 2013 Payments Study will continue to build upon trend information gathered in previous studies, this year’s study casts a broader net across the evolving payments landscape,” said Jim McKee, RPO senior vice president and the study’s executive sponsor. “The 2013 study will provide additional data on electronic payment methods, cash deposit and withdrawal information and, for the first time, limited third-party fraud information, in an effort to provide the industry with further insight on emerging trends.”
The study consists of three surveys commissioned to estimate the annual number, dollar value and composition of retail noncash payments, which will provide aggregate estimates and current trends in the use of payment instruments by U.S. consumers and businesses, according to the Fed. Preliminary results should be released by late 2013.
Previous studies revealed significant changes in the U.S. payments system, including a continuing decline in the use of checks and growing use of electronic payments, such as ACH, electronic banking transactions, credit cards, debit cards and prepaid cards. This triennial study continues the research conducted by the Fed in 2001, 2004, 2007 and 2010.