In June, the Federal Reserve Board of Governors, the Federal Deposit Insurance Corp. (FDIC) and Office of the Comptroller of the Currency (OCC) requested input on potential actions to help mitigate risk of payments and check fraud (Off-site). Comments must be received by Sept. 18, 90 days after the request for comment notice was published in the Federal Register.
In its role as a payment system operator and catalyst for payment system improvements, the Federal Reserve has focused on advancing payment system safety over the years. These efforts include the Strategies for Improving the U.S. Payment System (PDF, Off-site) white paper published in 2015, the Secure Payments Task Force (Off-site) that met in 2018-2023, the Synthetic Identity Fraud Mitigation Toolkit (Off-site) launched in 2022, and Fed-sponsored work groups that released the FraudClassifier℠ model (Off-site) in 2020 and the ScamClassifier℠ model (Off-site) in 2024.
The Federal Reserve System, FDIC and OCC are considering whether additional actions may be warranted, collectively or independently in their different roles. Input is requested on five potential 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 Federal Reserve Board may have related to check fraud
- Payments fraud data collection and information sharing
- Federal Reserve Banks’ operator tools and services to reduce payments fraud
For more information, review Federal Reserve Board - Proposal Details (Off-site).
