Michelle Bowman says consumer fraud poses increasing risks to financial system
Updated
Updated · Bloomberg · May 5
Michelle Bowman says consumer fraud poses increasing risks to financial system
10 articles · Updated · Bloomberg · May 5
The Federal Reserve vice chair for supervision said on Tuesday that nearly every fraud affects a bank account or a payment linked to one.
Bowman said regulators are considering ways to intensify efforts against scams as banks make what she called unprecedented investments in security and consumer education.
Her remarks highlight growing concern that consumer fraud is no longer only a customer-protection issue but a broader threat to banking and payments stability.
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