{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC","title":"Fighting Payments Fraud: A Deep Look into Federal Banking Agencies' New Initiative","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/6434e764\"></iframe>","width":"100%","height":180,"duration":489,"description":"Episode: Fighting Payments Fraud - Federal Banking Agencies Launch Major InitiativeEpisode SummaryThree major federal banking agencies have joined forces to combat the explosive growth in payments fraud across America. In this episode, we break down the comprehensive Request for Information issued by the OCC, Federal Reserve, and FDIC on June 20, 2025, seeking public input on how to better protect consumers, businesses, and financial institutions from fraud schemes.Key Takeaways🚨 Alarming Statistics:Non-card payments fraud losses increased 271% between 2020-2024Suspicious Activity Reports for check, ACH, and wire fraud up 489% since 2014Check fraud alone has risen 385% since COVID-19Check fraud accounts for 30% of all fraud-related SARs filed in 2023💰 Financial Impact:Fraud reports for payments apps, bank transfers, wire transfers, and checks resulted in $2.99 billion in losses in 2024, up from $806 million in 2020Five Key Areas Federal Agencies Are TargetingExternal Collaboration - How can stakeholders work together more effectively?Education - Better fraud prevention education for consumers, businesses, and industryRegulation & Supervision - Potential regulatory changes and clearer guidanceData Collection - Standardizing and centralizing fraud data sharingReserve Bank Tools - Enhanced fraud detection and prevention servicesNotable Quotes\"Payments fraud has the potential to erode public trust in—and undermine the safety, accessibility, and efficiency of—the nation's payments system, upon which the U.S. financial system depends.\"\"No agency or private-sector entity can address payments fraud on its own.\"Payments fraud data is currently \"collected in an incomplete, non-standardized, ad hoc, and fragmented way.\"What's at StakeCheck Vulnerability: Paper checks contain sensitive information including account numbers, routing numbers, addresses, and signatures that criminals can exploitMulti-Institution Schemes: Fraud often involves multiple banks and payment methods...","thumbnail_url":"https://img.transistorcdn.com/DblKo84_Ha6-XOQnfj5k1wmxCkQHeB53BeeKc2eI7dM/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQ4MTk5LzE3MDM4/NTQxOTktYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}