A hearing included discussion of European laws that will put banks on the hook for fraud schemes, and whether the U.S. needs a digital identity standard.

Nothing less than a whole-of-government approach, in concert with the financial services industry, will be enough to address the spiraling cost of fraud to both businesses and consumers.

St. Mary's Bank in New Hampshire tries to serve members as it has for 116 years, while dealing with today's cybersecurity and fraud concerns.

The Canadian bank said it expects to recover hundreds of millions of dollars after a three-judge appeals panel found that it cannot be held liable in connection with a multibillion-dollar fraud. The ruling echoed a different appeals court's decision stemming from the collapse of Bernard Madoff's Ponzi scheme.

Banks and consumers report fraud at higher rates than they did before the pandemic, and those cases have continued getting costlier.

The bureau studied mail theft-related check fraud and found that fraudsters often know to manipulate checks and avoid branches.

Reports of fraud committed against financial companies are on pace to, for the first time, fall this year compared with 2023. Consumer reports of fraud are also down.