The latest fraud stats are sobering: Today, nearly three out of every four Americans have experienced a scam or fraud attempt, and estimated scam losses are sitting at an estimated $68 billion. But here’s the good news: America’s banks are fighting back. At ABA, we’re committed to leading the banking industry’s fight against fraud and financial exploitation. We’re doing this in three key ways. 1. Providing the nation’s banks with the tools, training and resources they need to identify, prevent and respond to fraud and scams. We continue to grow the ABA Fraud Contact Directory — a comprehensive resource for financial institutions to quickly find the appropriate contacts at other institutions to resolve warranty-breach claims for checks, as well as claims for unauthorized and/or fraudulent transfers via wires, ACH, RTP or FedNow. The directory is approaching 2,700 participating financial institutions, representing over half of all U.S. banks and more than 100 credit unions. We also rolled out exclusive member access to the Treasury Check Verification System, enabling ABA member banks to verify the validity of Treasury checks in real time, including payee information for the first time ever. Since launching in June 2025, TCVS has been adopted by more than 700 ABA member banks and has processed over 150,000 Treasury check verification requests, representing more than $2.8 billion. 2. Advocating for policy changes that will reduce the fraud threat. ABA is championing the SCAM Act, a bipartisan bill introduced in both the House and Senate earlier this year, that would require social media companies to take responsible steps to remove fraudulent advertising from their platforms, helping stop countless scams before they start. American voters overwhelmingly support holding social media companies accountable — in fact, a new ABA poll found that nine in 10 voters agree that social media companies need to do more to verify the identity of advertisers on their platforms. A similar number expressed support for the SCAM Act after learning what it does. 3. Helping banks educate bank customers and the public on the latest fraud threats so they can protect themselves and their money. This October, ABA relaunched the latest iteration of our #BanksNeverAskThat campaign, an award-winning consumer education initiative to help the public learn to spot common types of fraud and scams. This year, our campaign focuses on turning everyday consumers into “Scam Slayers” — people who are confident in their ability to spot scams, protect their money and help others fight fraud. We also relaunched the separate #PracticeSafeChecks campaign, which teaches individuals and businesses how to reduce the risk of check fraud when they have no option but to use a paper check. Participation in both campaigns is free for all banks, so please join us and take advantage of these resources. Winning the fraud fight will take our entire industry — as well as others in the public and private sectors — working together. But we need every banker to do their part. So please, join us in our advocacy and help us raise awareness about the risks and red flags of fraud. Together, we can turn the tide in the fight against fraud and stick it to the scammers. Email Rob at nichols@aba.com. WASHINGTON UPDATE BY ROB NICHOLS, President and CEO, American Bankers Association Winning the fraud fight will take our entire industry — as well as others in the public and private sectors — working together. The Fraud Fight Continues Utah Banker 6
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