Payment fraud is growing. How can you protect yourself?

Not too long ago, people had just a handful of options for making payments: Think cash, checks, and wire transfers. But the number of payment options available to the average person has exploded since the rise of smartphones – and so have AI scams, deepfake scams, and overall fraud risk. Fed payments fraud expert Mike Timoney discusses why these crimes are becoming more popular, the impacts of rapidly evolving technology in payments, and how people can better protect themselves from fraud and scams. Timoney is a vice president of secure payments at the Boston Fed. Visit BostonFed.org to learn more about how the Federal Reserve is tracking an increase in synthetic identity fraud. You can also listen to a discussion with Timoney on why check fraud is rising, even as check usage declines.