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| Fraud Requires ‘Comprehensive, Multifaceted Response’ |
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Technological advancements are leading to larger-scale fraud than ever before.
Speaking at the Women in Housing and Finance Symposium Tuesday, Federal Reserve Vice Chair of Supervision Michelle Bowman shared that while fraud has always evolved along with commerce, Federal Reserve data shows that 21% of American adults experienced financial fraud or scams in 2024.
Bowman said effectively addressing payments fraud is a “complex and wide-ranging challenge that…requires a comprehensive, multifaceted response, and no single agency or private-sector entity can address this threat alone,” adding, “the Federal Reserve is committed to a comprehensive strategy that leverages our unique authorities to prevent payments fraud and protect consumers, businesses, and supervised institutions.”
Bowman’s remarks mentioned many principles America’s Credit Unions has called for and supports, including:
• Continued engagement and education of the financial services industry and consumers;
• Promoting and standardizing a common fraud language to aid better sharing of consistent data and identifying fraud schemes that are being repeated;
• Strong partnerships between regulators, institutions, and state and federal law enforcement to address this evolving threat together.
President/CEO Scott Simpson outlined the regulatory approach to preventing fraud in a recent op-ed, and Park Community Credit Union General Counsel Kate McKune testified before a House subcommittee in March on the need for a whole-of-government approach that includes legislative and regulatory changes.
America’s Credit Unions’ Fraud Task Force, Small Credit Union Advocacy Advisory Panel, and other committees continue to discuss ways to further empower credit union to fight fraud and protect members.
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