The Clearing House Comments on Potential Actions to Address Payments Fraud
The Clearing House submitted a comment letter in response to a request for information on payments fraud issued by the Federal Reserve Board, OCC and FDIC. The letter emphasizes that the financial services industry has been leading efforts to mitigate the impacts of payments fraud, but cross-industry collaboration is needed, including with law enforcement, social media companies, telecom providers, online platforms, and other stakeholders. The letter also recommends a coordinated approach to education about payments fraud issues, targeted updates to Regulation CC, and improvements to data sharing. To read the full letter click here.