fraud

Article

Artificial Intelligence and Bank Supervision

Econ Focus

Second Quarter 2023

Financial institutions have approached AI with cautious optimism, developing and implementing AI-based applications for things like customer service chatbots, detecting fraud, and evaluating creditworthiness. Bank supervisors are learning how to adapt.

John Mullin

Article

Check Fraud Running Rampant

Supervision News Flash

March 2023

In 2020, some prosecutors described suspicious activity related to illicit use of pandemic relief as one of the largest frauds in U.S. history.

Amy Besci
Senior Examiner

Article

Computer-Security Incident Notification Rule — How Does it Affect Your Bank?

Supervision News Flash

June 2022

Prompt notification of cyber incidents helps the Federal Reserve make timely decisions related to the safety and soundness of supervised firms and the financial system.

Michelle S. Fitch

Article

Photo of a multicolor financial graph on a screen.

A Historical Perspective on Digital Currencies

Economic Brief

June 2022, No. 22-21

Perhaps history can be a guide on whether central banks should issue digital currencies.

Huberto M. Ennis, Zhu Wang and Russell Wong

Article

Law Enforcement Webinar Recap

Supervision News Flash

December 2021

Check out the valuable highlights from the BSA Coalition’s highly regarded law enforcement webinar. Panelists discussed suspicious activity report filings on Paycheck Protection Program fraud and tips to avoid cyber fraud.

Suzanne Reynolds
Manager, Legal Risk Unit

Article

Private Flood Insurance – Navigating Uncharted Waters

Supervision News Flash

August 2021

Private flood insurance may be a more cost-effective option for customers over policies backed by the National Flood Insurance Program. Let us help you wade through the sea of information.

Dorian R. Henry-Jones

Article

hand reaching through a laptop screen reaching for a wallet

Anatomy of an Account Takeover

Supervision News Flash

March 2021

In the world of cyber fraud, account takeovers loom large. Red flags to look for in order to protect bank customers.

Article

Unemployment Fraud Surges

Supervision News Flash

March 2021

Analysis by our Enformecent and Legal Risk Unit shows how fraudsters exploited unemployment claims during the pandemic.

Article

Law Enforcement Highlight Priorities and Their ‘Wish List’ for Banks

Supervision News Flash

January 2021

The BSA Coalition's fifth webinar of 2020 drew more than 400 attendees.

Article

Fifth District Banks Help to Fight COVID-19 Related Fraud

Supervision News Flash

January 2021

The Richmond Fed's Enforcement and Legal Risk Unit looks at suspicious activity reports by Fifth District state member banks.

Article

ACH, Wire and Check, Oh My!

Supervision News Flash

August 2020

The Federal Reserve’s FraudClassifierSM Model, developed by the Fraud Definitions Work Group, aims to develop consistency in the terminology used by the payments industry to describe payments fraud.

Article

Corporate Crypto Crowdfunding

Econ Focus

First Quarter 2019

The technology behind cryptocurrencies shows promise for raising capital but has also drawn scrutiny from regulators.

Tim Sablik

Article

Strategic Default and Mortgage Fraud

Econ Focus

Third Quarter 2015

Around the Fed

Jessie Romero

Article

Cracking Down on Fraud?

Econ Focus

Third Quarter 2014

Policy Update

Tim Sablik

Article

Cybersecuring Payments

Econ Focus

First Quarter 2014

Are we losing the fight against next-gen bank robbers? The Fed's study found that payment cards were used in 92 percent of fraudulent transactions, with checks and electronic check transfers making up the remainder.

Tim Sablik