WASHINGTON–Debit cards were the top payment method for fraud attempts during 2024,  with 73% of financial institutions surveyed by the Federal Reserve Financial Services saying they experienced such attempts.

The survey found checks were the next most common vehicle for fraud attempts (62%), followed by non-bank payment apps (36%), ACH transactions (31%) and credit cards (24%).

The Fed reported that fraudulent debit card transactions were also the most expensive for financial institutions last year, with 52% experiencing losses, followed by checks (32%), non-bank payment apps (16%) and credit cards (12%).

The results are based on a survey of 362 banks and credit unions showed. 

Additional Findings

The report found that while debit card losses increased 6% in 2024 over 2023, check fraud rose 5% and non-bank payment app losses edged up 1% over 2023.

The financial institutions surveyed reported they also experienced fraud in mobile payment tools, wire transfers, remote deposit capture and real-time payment systems.

 “In addition to challenges with scams and mule accounts, traditional legacy fraud approaches like forgery, counterfeits, stolen mail and impersonating authorized parties were noted as primary drivers,” the Federal Reserve stated.