WASHINGTON— A new study finds strong public support for policy measures aimed at combating the growing threat of check fraud.
In response to a recent request for information from federal banking regulators on how to address check fraud and other types of payments fraud, the Independent Community Bankers of America (ICBA) released new polling data on the issue.
According to ICBA polling conducted by Morning Consult in June:
- More than one-fifth of U.S. adults have or know someone who has experienced check fraud, even though two-thirds rarely or never use paper checks.
- 80% agree that policymakers should address the rise in check fraud.
- 73% agree that the Treasury Department should consider alternatives to issuing paper checks to help prevent fraud.
“ICBA and the nation’s community bankers work diligently to educate their customers on avoiding check fraud, and we strongly support federal efforts to address this ongoing threat,” ICBA President and CEO Rebeca Romero Rainey said. “With community bankers using their relationship-based banking model to support consumer defenses against check fraud and other scams, ICBA looks forward to continuing to work with policymakers to maximize the security of our nation’s payment system.”
ICBA said it has spearheaded and strongly supports numerous efforts to combat check fraud, including by:
- Partnering with the U.S. Postal Inspection Service to offer community banks educational materials to help consumers safeguard their financial assets, including check fraud prevention flyers that 600 community banks have signed up to distribute via their branches.
- Supporting the Trump administration’s efforts to address the Treasury Department’s use of paper checks and advocating for policy changes that support community banks’ efforts to mitigate check fraud.
- Spearheading a Check Fraud Task Force of community bankers and state association partners focused on information sharing and industry collaboration.
- Offering community banker resources on check fraud—including guides and online courses—on the ICBA website.
- Supporting the growth of instant payments options like the FedNow Service, which allows for efficient payments and immediate funds settlement while mitigating risks to the financial system.