When autocomplete results are available use up and down arrows to review and enter to select.
The Government Accountability Office said scams are a significant and growing problem for U.S. individuals and businesses, noting that scams involving fake investment opportunities rose from $3.31 billion in 2022 to $4.57 billion in 2023.
Details: In “Payment Scams: Information on Financial Industry Efforts,” the GAO reviewed the types of fraudulently induced payments and discussed how financial institutions and peer-to-peer payment companies mitigate the impacts of these scams.
More: The report covers the difference between authorized and unauthorized transactions as well as who may be responsible for repaying money lost to a scam. The financial services industry recommends a multisector approach—including telecommunications, social media, and law enforcement—to address fraudulently induced payments.
ICBA Input: ICBA met with GAO officials earlier this year to discuss payment fraud. During the meeting, ICBA leadership bankers Alice Frazier of Bank of Charles Town, W.Va., and Gay Dempsey of Bank of Lincoln County, Tenn., discussed community bank efforts to educate customers, the multiple fraud tools they use, and consumer protection compliance.