The Office of the Comptroller of the Currency launched a tool that allows community banks to report suspected payments fraud involving OCC-regulated institutions directly to an agency fraud task force. Comptroller of the Currency Jonathan V. Gould announced the tool during a panel with community bankers in Minneapolis focused on banks’ role in detecting and preventing fraud. Gould also reminded banks of OCC guidance on voluntary information sharing under the Financial Crimes Enforcement Network’s Section 314(b), which supports cooperation among financial institutions to identify and disrupt fraud. He cited rising fraud indicators in Minnesota, where nonmortgage fraud reports more than doubled and suspicious activity reports related to check fraud increased nearly 300% from 2020 to 2024. Separately, the Treasury Department’s Do Not Pay program screened more than 1.1 billion federal payments worth about USD 3.7 trillion in the last fiscal year and returned about 13,500 payments totaling USD 175 million that would have gone to deceased individuals.
Office of the Comptroller of the Currency launches direct fraud reporting tool for community banks
The Office of the Comptroller of the Currency launched a tool for community banks to report suspected payments fraud involving OCC-regulated institutions directly to an agency task force. Comptroller Jonathan V. Gould also emphasized voluntary information sharing among financial institutions under Financial Crimes Enforcement Network guidance.