Stakeholders across the U.S. payments ecosystem lack real-time access to industrywide information necessary to develop effective strategies to detect and prevent a growing number of scams — and other fraud types — that cause significant financial losses and negatively impact consumers and organizations.

A scams information sharing industry work group has been helping to address this issue and has released a report to recommend the industry consider a solution or establish an independent information exchange framework to provide a single source for scam intelligence across payment rails. The recommendations include ideas on how an exchange could be established and evolve.

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