Fraud and scams — including check fraud — continue to be a growing concern. To source the best ideas on how to combat them, the Federal Reserve Board of Governors, the Federal Deposit Insurance Corp. (FDIC) and Office of the Comptroller of the Currency (OCC) are seeking input on potential actions to help mitigate risk of payments and check fraud. Comments must be received within 90 days after the request for comment notice is 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 payment system safety over the years through its Strategies for Improving the U.S. Payment System (PDF) white paper in 2015, the Secure Payments Task Force that met in 2023-2018, the Synthetic Identity Fraud Mitigation Toolkit launched in 2022, and Fed-sponsored work groups that developed the FraudClassifierSM model announced in 2020 and ScamClassifierSM model unveiled in 2024.
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