Nation’s Largest Financial Institutions, Tech Companies Warn of Rising Fraud Targeting Consumers
Task force aims to solve America’s $158 billion fraud problem.
All
-
-
Strategies to Prevent Payment Fraud and Keep Our Banking and Payment Systems Safe
Payment fraud continues to pose a threat to U.S. households, businesses, financial institutions, and the economy as a whole. Americans are plagued by problems with unauthorized transactions and fraudulently induced payments involving peer-to-peer payment applications, crypto-assets, bank-to-bank wire transfers, check alterations and forgeries, and Electronic Benefits Transfer (EBT) card skimming. Technological advances, making mobile and…
Read More about Strategies to Prevent Payment Fraud and Keep Our Banking and Payment Systems Safe
-
Financial Fraud is a National Crisis Demanding Better Protection
Carla Sanchez-Adams, senior attorney at the National Consumer Law Center (NCLC), provided testimony to the Oversight and Investigations Subcommittee of the U.S. House Financial Services Committee.
Read More about Financial Fraud is a National Crisis Demanding Better Protection
-
Testimony of Carla Sanchez-Adams Before U.S. House Subcommittee: “Fraud in Focus: Exposing Financial Threats to American Families”
Fraud continues to pose a threat to U.S. households, businesses, financial institutions, and the economy as a whole. Consumers are plagued by problems with unauthorized transactions as well as fraudulently induced payments involving peer-to-peer payment applications, crypto-assets, bank-to-bank wire transfers, check alterations and forgeries, and Electronic Benefits Transfer (EBT) card skimming. The increasing ease and…
-
Comments to OCC, Fed, and FDIC on Payment Fraud
NCLC submitted comments to the Office of the Comptroller of the Currency, Federal Reserve Board and Federal Deposit Insurance Corp. in response their request for information on actions to address payment fraud.
Read More about Comments to OCC, Fed, and FDIC on Payment Fraud
-
Comments to the Department of Treasury's Request for Information on Modernizing Payments
NCLC submitted comments in response to the Treasury Department’s request for information on how to eliminate paper checks to and from the federal government, and also joined this comment from other consumer groups. The NCLC comments explained that the goal of reducing the number of paper checks sent by and to the federal government and increasing the…
-
Comment to the CFPB's Request for Information Regarding the Collection, Use, and Monetization of Consumer Payment and Other Personal Financial Data
Consumers need clarity about their rights when companies collect, use, and monetize their payment and personal financial data. Without strong consumer protections, consumers will be harmed when that information is shared and used to make decisions about the consumer- particularly when that information may be incorrect. Consumers need to be able to correct any errors…
-
House Republicans Ignore Rising Prices, Vote to Keep $35 Big Bank Overdraft Fees
House votes to block CFPB’s $5 cap on big bank overdraft fees and oversight of big tech payment apps, building on tariff woes and high grocery costs.
Read More about House Republicans Ignore Rising Prices, Vote to Keep $35 Big Bank Overdraft Fees
-
Letter Opposing Resolution to Overturn CFPB Payment Apps Oversight Rule
We oppose S.J. Res 28, a resolution under the Congressional Review Act (CRA) to overturn the CFPB’s rule enabling the agency to supervise the larger participants in the market for digital payment apps. The rule would prevent oversight to ensure that big tech companies comply with privacy and fraud laws.
Read More about Letter Opposing Resolution to Overturn CFPB Payment Apps Oversight Rule
-
House Vote Could Keep Overdraft Fees High and Deny Oversight of Payment App Fraud
U.S. House will consider resolutions tomorrow to overturn a $5 cap on big bank overdraft fees, eliminate oversight of Big Tech P2P payment apps.
Read More about House Vote Could Keep Overdraft Fees High and Deny Oversight of Payment App Fraud
-
Comment to CFPB's Proposed Interpretative Rule on Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms
Consumers need clarity about the application of the EFTA and Regulation E to emerging payment mechanisms. More specifically, consumers utilizing crypto-assets as payments and holding funds in accounts through gaming platforms, credit card rewards, and similar devices need the protection of the EFTA— its error resolution procedures, limits on consumer liability for unauthorized EFTs, and…
-
Senate, CFPB Move to Weaken Fraud and Privacy Protections in Payment Apps and Digital Wallets
Senate to Vote Wednesday on Eliminating Oversight of Payment Apps; CFPB Drops Suit Against Zelle
Support NCLC
Please support NCLC's work to advance consumer rights and economic justice with a tax-deductible contribution today!
Donate