The American Bankers Association today announced that its widely used Fraud Contact Directory is now open to international banks, marking a significant expansion of one of the banking industry’s key tools for combating fraud. The announcement was made by ABA President and CEO Rob Nichols and ABA EVP Paul Benda at the U.N. Global Fraud Summit in Vienna, Austria.
Originally launched to help U.S. banks quickly connect to stop fraud in real time, the ABA Fraud Contact Directory is now used by 2,443 banks, representing more than half of the nation’s banks. Opening the directory to international banks reflects the increasingly global nature of fraud and the urgent need for cross-border cooperation.
“Fraud knows no borders, and neither should our defenses,” Nichols said. “By expanding the ABA Fraud Contact Directory to international banks, we are strengthening the global financial system’s ability to respond quickly, share critical information and stop fraud before it spreads.”
ABA’s partnership with the International Banking Federation’s Fraud and Scams Taskforce was instrumental in expanding the directory. IBFed members of the Fraud and Scams Taskforce led efforts with banks in their country to identify those interested in participating and facilitated communication with ABA, ensuring a seamless launch. ABA also extended its thanks to Anthony Ostler, chair of the IBFed and president and CEO of the Canadian Bankers Association, for his leadership and support of the initiative.
ABA offers a variety of bank resources for fighting fraud, including the Treasury Check Verification System, consumer education campaigns and the ABA Fraudcast.
