The federal bank regulatory agencies have issued a request for public comment on potential measures to help reduce the risk of payments fraud, with a particular emphasis on check fraud. Payments fraud is generally defined as using illegal means to make or receive payments for personal gain, including scams.
Due to the complexity of payments fraud involving multiple institutions and payment methods, no single agency or private-sector entity can tackle this issue independently. The agencies are thus seeking public feedback on specific actions that could be taken, either collectively or individually, within their respective bank regulation and payment authorities.
They are asking for input on five potential areas for improvement and collaboration. Besides seeking public input, the agencies will continue exploring opportunities for effective collaboration across other state and federal agencies. This interagency coordination is deemed crucial in mitigating payments fraud.
For further details, refer to the Federal Register notice titled “Request for Information on Potential Actions to Address Payments Fraud.”
