Request for Information on Potential Actions to Address Payments Fraud

Summary:

On June 16, 2025, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, “the agencies”) issued a request for information (RFI) related to payments fraud. The RFI offers the opportunity for interested stakeholders to identify ways that the agencies could take actions collectively or independently in their varying respective roles to help consumers, businesses, and financial institutions mitigate check, automated clearing house (ACH), wire, and instant payments fraud.

A copy of the Request for Information can be found here.

Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions.

Highlights:

• Payments fraud inflicts significant harm on consumers, businesses, and financial institutions. It also 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.
• The agencies have overlapping but also discrete roles and authorities related to the issue of payments fraud. Therefore, the agencies are each interested in exploring ways to help mitigate risk of payments fraud. Given the agencies’ differing roles and authorities, risk mitigation could take the form of collective action where roles align or independent action where roles differ.
• The RFI seeks comments on payments fraud generally, as well as on five potential areas for improvement and collaboration that could help mitigate risk of payments fraud:
  • External collaboration among the agencies and industry stakeholders;
  • Consumer, business, and industry education by the agencies to educate about payments fraud;
  • Regulation and supervision to mitigate the harms from payments fraud, including opportunities the Board may have related to check processing;
  • Payments fraud data collection and information sharing; and
  • Federal Reserve Banks’ operator tools and services to reduce payments fraud.
• Comments are due 90 days after the RFI is published in the Federal Register.