Fraud prevention

Early Warning, which operates the payment network, says the rate of reported fraud is less than a tenth of one percent. Yet stories of consumers who have fallen victim to scams and lost money as a result abound. 

The Consumer Financial Protection Bureau is considering new rules covering the collection and sale of some consumer data. If it's not careful, the agency could be inadvertently assisting identity thieves.

The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.

The CFPB should change its proposal and allow fintechs and other financial services companies the same freedom to innovate that entrenched large banks already enjoy.

The American Bankers Association and U.S. Postal Inspection Service have launched a public awareness campaign on ways to protect checks sent in the mail.

Companies lose an estimated 5% of their revenue each year due to fraud, according to a report from the Association of Certified Fraud Examiners.

Banks must work closely with technology companies, regulatory authorities and each other to develop comprehensive strategies to combat deepfake fraud.