The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued a joint request for information on potential actions to help consumers, businesses and financial institutions mitigate payments fraud, with a particular focus on check fraud. For the purposes of the request, payments fraud is framed as the use of illegal means to make or receive payments for personal gain, including scams. The agencies are seeking input on discrete actions they could take collectively or independently within their bank regulation and payments authorities, across five areas: external collaboration among the agencies, Federal Reserve Banks and industry stakeholders; education for consumers, businesses and industry; regulation and supervision to mitigate payments fraud, including potential opportunities for the Board related to check fraud; data collection and information sharing; and Federal Reserve Banks’ operator tools and services to reduce payments fraud. Comments are due within 90 days after publication of the notice in the Federal Register.
Federal Reserve Board 2025-06-16
Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency seek comment on actions to reduce payments and check fraud
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency have issued a joint request for information on actions to mitigate payments fraud, with a focus on check fraud. The agencies seek input on collaboration, education, regulation, data sharing, and Federal Reserve Banks' tools to address fraud.