The federal bank regulatory agencies are seeking feedback on potential actions to help consumers, businesses, and financial institutions mitigate risk of payments fraud.
Payments fraud generally refers to the use of illegal means to make or receive payments for personal gain, including scams. One of the areas in particular that the agencies are seeking comments on is check fraud.
Because payments fraud may involve multiple institutions and payment methods, no single agency or entity can address payments fraud on its own. Thus, the agencies are looking for discrete actions and ideas to help mitigate payments fraud.
Input is requested on five specific areas for improvement and collaboration:
- External collaboration among the agencies, Federal Reserve Banks, and industry stakeholders;
- Consumer, business, and industry education by the agencies and Federal Reserve Banks to educate about payments fraud;
- Regulation and supervision to mitigate payments fraud, including opportunities the Board may have related to check fraud;
- Payments fraud data collection and information sharing; and
- Federal Reserve Banks’ operator tools and services to reduce payments fraud.
Further, the agencies will also continue looking for additional opportunities to collaborate across other state and federal agencies given the importance of interagency coordination for this topic.
Comments must be received within 90 days after date of publication in the Federal Register.
The federal bank regulators include the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency.