Key Takeaways from the 2023 Florida Bankers Compliance Conference

  • The rise in check fraud is causing financial institutions to hold suspicious checks for longer. Sometimes good customers get caught in the process which is leading to more complaints to the CFPB.
  • The importance of the customer or member's role in a financial institution's internal cybersecurity landscape.
  • There is compliance risk when an infiltrated account results in a fraudster posing as a financial institution's customer or member.
  • Providing financial literacy education that includes fraud prevention awareness can be used to support a bank's CRA rating.
  • Fraud awareness outreach is an important component of FedNow and financial institutions have a responsibility to educate their customers about the risks and best practices associated with real-time payments. The Federal Reserve emphasizes the importance of such outreach efforts to ensure the safety and integrity of the FedNow system.