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Remote Authentication Fraud:

Are You Who You Say You Are?

FRB Payments


The Federal Reserve has been working in collaboration with payments professionals over the past two years to research key remote authentication fraud challenges and mitigation efforts.

Heightening the need for greater attention to authentication fraud, the COVID-pandemic opened the door for more consumers to enroll in online or mobile (digital) accounts to make remote payments. Unfortunately, fraudsters have noticed the shift, too – and they are changing the targets of their fraud attacks accordingly.

To help address remote authentication fraud, the Fed just published Remote Authentication Landscape and Authentication Methods, the first of three research briefs planned for this summer. This new research brief explores authentication strategies to address new account fraud (NAF), synthetic identity fraud (SIF) and account takeover (ATO) fraud.

To learn more, read the initial brief in the series and watch for the publication of two additional briefs later this summer.

Unlike previous economic impact payments and regular tax refunds, Nacha expects that the IRS will use a 1-day settlement period for these ACTC payments. For your planning purposes, anticipate receiving files on the day prior to settlement. For files received before 5 p.m. (local time) on the day before settlement, funds must be available to consumers by 9 a.m. (local time) on the settlement date.

Additionally, the IRS’s Child Tax Credit Update Portal is live, through which beneficiaries can provide or update banking information to receive payments by Direct Deposit. Banking information provided through the portal will be applicable beginning with the August payment. The portal can be accessed via

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