WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement about a comment letter applauding a joint request for information on payment system fraud from the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation:  

“Even with new technology and better protections, financial fraud remains an enormous danger to consumers, businesses, and financial institutions. In 2024, more than one in every five adults was the victim of financial fraud or scams, and consumers reported losing $84 billion that year alone to financial fraud. At the same time, nearly four out of five organizations report being the victims of actual or attempted payment fraud in 2024.  

“From buying groceries to receiving income from work, paying utility bills, and receiving government payments such as social security or veterans’ benefits, all Americans rely on the payment system to function reliably—and safely. This is why banking regulators are right to focus on more effective ways to fight fraud. 

“Better Markets offered several suggestions to the banking regulators, including that they:  

• Increase enforcement powers, especially considering the nearly complete shuttering of the Consumer Financial Protection Bureau, which had focused on helping the victims of financial fraud;  

• Consider the pros and cons of eliminating paper checks, particularly the human costs for consumers who still rely on them;  

• Explore and implement changes that would limit electronic payment fraud, such as that which targets debit card transactions; and  

• Reject any plans to shift to the use of cryptocurrency for government payments. 

“The American people work hard every day, and they deserve to have regulators who are fighting for them against fraud and scams that would steal their money.”  

The comment letter is available here.   

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.