United States Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency seek comment on measures to mitigate payments and check fraud

The Federal Deposit Insurance Corporation, the Federal Reserve Board and the United States Office of the Comptroller of the Currency published a joint request for information on potential actions to help consumers, businesses and financial institutions reduce payments fraud risk, with a particular focus on check fraud. For the purposes of the request, payments fraud is defined broadly as the use of illegal means, including scams, to make or receive payments for personal gain. The request seeks input on discrete actions the agencies could take collectively or independently within their respective bank regulation and payments authorities, acknowledging that payments fraud can span multiple institutions and payment methods. Comments are requested across five areas: collaboration among the agencies, Federal Reserve Banks and industry stakeholders; education efforts aimed at consumers, businesses and industry; regulation and supervision to mitigate payments fraud, including potential 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. The agencies also indicate they will continue looking for additional coordination opportunities with other state and federal agencies. Comments must be received within 90 days after publication in the Federal Register.