The federal bank regulatory agencies have issued a request for public comment on possible measures to help reduce the risk of payments fraud, with an emphasis on check fraud. Payments fraud typically involves using illegal methods to make or receive payments for personal gain, including scams.
Due to the involvement of multiple institutions and payment methods in payments fraud, no single agency or private-sector entity can tackle it alone. As a result, the agencies are inviting public input on specific actions that could be taken collectively or independently to address payments fraud within their respective areas of authority.
The request seeks feedback on five potential areas for improvement and collaboration. Additionally, the agencies will continue exploring opportunities for effective collaboration with other state and federal agencies, recognizing the importance of interagency coordination in combating payments fraud.
A Federal Register notice titled “Request for Information on Potential Actions to Address Payments Fraud” is available in PDF format for further details.
