A Request for Information on Potential Actions to Address Payments Fraud was published by four FSOC agencies: Department of the Treasury, Office of the Comptroller of the Currency, the Federal Reserve System, and the FDIC.
The RFI seeks input on ways that the agencies could take actions collectively or independently in their roles to help consumers, businesses, and financial institutions mitigate check, automated clearing house (ACH), wire, and instant payments fraud. Five areas for potential improvement were identified to mitigate payments fraud:
- External collaboration
- Consumer, business, and industry education
- Regulation and supervision
- Payment fraud data collection and information sharing
- Reserve Banks' operator tools and services
The sections on external collaboration, data collection and information sharing, as well as tools and services are areas where open data standards could increase data integrity and improve efficiencies. Comments are due September 18, 2025.
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