{"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 Initiative\nEpisode Summary\nThree 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.\nKey Takeaways\n🚨 Alarming Statistics:\nNon-card payments fraud losses increased 271% between 2020-2024\nSuspicious Activity Reports for check, ACH, and wire fraud up 489% since 2014\nCheck fraud alone has risen 385% since COVID-19\nCheck fraud accounts for 30% of all fraud-related SARs filed in 2023\n💰 Financial Impact:\nFraud reports for payments apps, bank transfers, wire transfers, and checks resulted in $2.99 billion in losses in 2024, up from $806 million in 2020\nFive Key Areas Federal Agencies Are Targeting\nExternal Collaboration - How can stakeholders work together more effectively?\nEducation - Better fraud prevention education for consumers, businesses, and industry\nRegulation & Supervision - Potential regulatory changes and clearer guidance\nData Collection - Standardizing and centralizing fraud data sharing\nReserve Bank Tools - Enhanced fraud detection and prevention services\nNotable Quotes\n\"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.\"\nWhat's at Stake\nCheck Vulnerability: Paper checks contain sensitive information including account numbers, routing numbers, addresses, and signatures that criminals can exploit\nMulti-Institution Schemes: Fraud often involves multiple banks...","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}