ASC X9 Publishes Check Fraud Report and Establishes New Fraud Forum
- X9’s report turns scattered fraud experiences into shared intelligence that slashes losses faster.
- When banks, vendors, and networks share playbooks, fraud rings lose their information advantage.
- Collaboration through X9’s forum helps FIs deploy stronger defenses and benefit industry‑wide.
Back in February of 2025, the Accredited Standards Committee X9 Board of Directors established the Check Fraud Industry Forum -- bringing together users of check-related standards and technical reports, including TR 8 Check Security, in an open roundtable environment. The forum serves as a platform for industry participants to discuss check fraud trends, prevention techniques, and the effectiveness of existing standards while providing feedback and identifying emerging needs. Its goal is to raise awareness of fraud mitigation strategies and help the check payments industry reduce risk and strengthen fraud prevention efforts.
Last week, the ASC X9 published a new report incorporating feedback from participating organizations entitled “Mitigating Check Fraud Risk in the Modern Financial Ecosystem." The document provides practical ways to reduce fraud while maintaining smooth operations and customer confidence. It also reviews the current state of check payments and highlights the financial impact check fraud is having on the industry.
Highlights from the report:
- Outlining check fraud categories and scenarios
- Evaluates detection and prevention tools and strategies
- Offers procedural recommendations alongside high-level regulatory reminders
- Provides details related to educational plans for financial institution employees and customers
While the report focuses on practical steps to curb check fraud, the broader story is about industry stakeholders coming together—standards bodies, associations, clearinghouses, financial institutions, and solution providers—to build a more unified defense across all payment channels.
Holistic View of Fraud: Not Just Checks, But All Payments
Perhaps the most significant development highlighted in the announcement is the evolution of X9’s Check Fraud Industry Forum into a new, broader Payment Fraud Forum. Building on a foundation of more than 100 participants in the existing forum, X9 is inviting banks, associations, service providers, and technology vendors to collaborate on shared terminology, data practices, and mitigation strategies across all payment types and rails—not just checks.
The launch of the Payment Fraud Forum signals a pivotal shift toward a more unified, standards‑driven approach, where organizations across the payments landscape work together to protect consumers, businesses, and financial institutions alike.
The group is open to non‑members at no cost, reinforcing the idea that fraud is a shared risk that requires shared solutions.
