JOURNAL ARTICLE

Fed's Bowman Says Consumer Fraud Poses Risks to Financial System.

  • Published In: Bloomberg.com, 2026. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Johnson, Katanga; McCorvey, J.J. 3 of 3

Abstract

The article focuses on the Federal Reserve's increasing concern over consumer fraud and scams as significant risks to the financial system. Vice Chair for Supervision Michelle Bowman highlighted that nearly all fraud involves bank accounts or payments linked to them, with a 2024 Fed survey indicating that one in five American adults experienced financial fraud or scams. Bowman announced plans for a roundtable with Treasury Secretary Scott Bessent and Federal Communications Commission Chairman Brendan Carr to discuss current anti-fraud efforts, data-sharing practices, and potential cross-sector or government actions. The Federal Reserve is developing a comprehensive strategy to prevent payments fraud, enhance bank defenses, and improve victim recovery, while also considering new guidance and resources for banks. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2026/05, pN.PAG
  • Document Type:Article
  • Subject Area:Law
  • Publication Date:2026
  • Accession Number:193501220
  • Copyright Statement:Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Looking to go deeper into this topic? Look for more articles on EBSCOhost.