As the estimated year-over-year losses from scams continue to rise, the Federal Reserve is collaborating with the industry to help address this form of fraud. In spring 2023, the Federal Reserve established a scams definition and classification work group of payments and fraud experts, with the goal of providing a more consistent foundation for scams reporting to better understand and mitigate the problem. Now, the work group has published an operational definition of scams: the use of deception or manipulation intended to achieve financial gain.

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