ABA Statement on Regulatory Agencies’ Engagement on Check Fraud

“We welcome today’s request for comment from the federal banking agencies seeking ideas for combating payment and check fraud. Through our Fraud Contact Directory, #BanksNeverAskThat and #PracticeSafeChecks public awareness campaigns and other initiatives, ABA has led industry efforts to combat all forms of fraud. Still, we agree with Vice Chair Bowman that a coordinated national strategy bringing together the public and private sectors is needed to defeat the bad actors. This interagency focus on payment and check fraud is an important step in that direction.

“We thank the Federal Reserve, FDIC and OCC for inviting the banking industry and other stakeholders to share their perspective. ABA, as well as our member banks across the country, will be eager to share the lessons we have learned, detail the investments we are making to protect consumers, and identify ideas for what else can and should be done to win this fight.”