The federal bank regulatory agencies have issued a request for public comment on measures to address payments fraud, with an emphasis on check fraud. This initiative aims to assist consumers, businesses, and financial institutions in reducing the risks associated with fraudulent payment activities.

Payments fraud is broadly defined as using illegal methods to conduct transactions for personal benefit, including scams. Given that such fraud can involve multiple institutions and payment methods, it is recognized that no single agency or private entity can tackle this issue alone. Consequently, the agencies are inviting feedback on specific actions they might take—either collectively or independently—to combat payments fraud within their regulatory and payment authorities.

The request for input highlights five potential areas where improvements and collaboration could be beneficial. Alongside soliciting public opinions, the agencies intend to explore further opportunities for effective collaboration with other state and federal entities. This approach underscores the importance of interagency coordination in mitigating payments fraud.

Stakeholders are encouraged to submit their comments within 90 days following the publication date in the Federal Register.