CBA Letter to CFPB: A Coordinated Approach to Protecting Consumers From Scams

Dear Director Chopra,

For years banks have been on the front lines fighting fraud and continue to do so in response to increasingly prevalent and sophisticated financial scams across peer-to-peer (P2P) payment platforms. Banks continue to dedicate incredible resources on an annual basis, including billions of dollars each year, to keep consumers and their money safe. Some of these industry efforts include:

• investing significant resources to prevent, detect, and mitigate scams through education, monitoring, the use of authentication and risk tools and

• evolving and adapting consumer protection measures, including real-time safety notifications and alerts, to address the continually changing nature of deceptive activities.

But banks cannot wage the battle against scams alone. That’s why the Consumer Bankers Association (CBA) has called on policymakers to work collaboratively with the industry in this effort. CBA writes to you today, Director Chopra, to encourage the Consumer Financial Protection Bureau (CFPB) to work with other financial regulators, law enforcement agencies, and financial institutions to educate consumers and prevent scams from harming consumers. We have been very encouraged by recent conversations with other financial regulators who have expressed a commitment to working across the government and with the banking industry to prevent scams and to better protect consumers.

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