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The Federal Reserve: Defined Scams to Fight Scams

The Federal Trade Commission recently reported a staggering $8.8billion in losses due to scam activity in 2022 - that's a 30% increase from the year before! In the Spring of 2023, the Federal Reserve developed a "scams definition and classification work group" filled with payments and fraud experts (including our own President and CEO, Mary Gilmeister, AAP, NCP) to establish a cohesive definition of scams.


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