ABA Fraudcast: FTC report shows how elder fraud is expanding

The Financial Stability Oversight Council proposed new guidance to walk back recent changes for determining whether nonbanks should be subject to Federal Reserve supervision.

ABA presented lawmakers with a national blueprint for fighting fraud and scams, which included requiring telecommunications and social media companies to do their part and giving states and local governments the resources to target financial crimes.

The Federal Reserve is not tracking the information needed to improve the efficiency and timeliness of processing applications for community bank mergers and acquisitions, the Fed Office of Inspector General concluded in a new report.

The State Department has formally launched a new bureau to combat cyber threats and other technological risks posed by other countries, ABC News reported.

Google, Meta, Amazon and other tech industry giants recently signed a voluntary accord pledging to take “proactive actions” to fight fraud and scams on their platforms and increase cooperation with law enforcement to identify financial fraud.

By employing trauma-informed principles to current practices, banks can start to knowingly serve survivors without an overhaul of policies.