The Federal Reserve Board has recently published a special edition of the Consumer Compliance Outlook focusing on fraud. The special issue discusses several fraud topics, including the banking agencies’ recent request for information on payment and check fraud.
As various data sources indicate, financial fraud against consumers is significantly increasing each year. The special edition of the Consumer Compliance Outlook features two articles:
Responding to Counterfeit Instrument Scams and Mail-Related Check Fraud
Confidence Scams: What They Are and How to Protect Your Customers
The publication also includes the Agencies’ request for comments on ways to address check and payment fraud, a list of cybersecurity resources for banks and a calendar of upcoming or proposed regulatory changes.
The Consumer Compliance Outlook Fourth Special Fraud Issue can be found here.