WASHINGTON, D.C. – Testifying before the U.S. House Financial Services Committee at a hearing entitled “Fighting Fraud on the Front Lines: Challenges and Opportunities for Financial Institutions” today, Consumer Bankers Association (CBA) Fraud Management Committee Chair Patrick McDade reiterated the need for a whole-of-government approach to combat fraud and scams in order to better protect hardworking Americans.
Key excerpts from McDade’s oral testimony and responses to questions from the Committee are below.
On how banks are leading the way to combat fraud and scams, McDade said:
“CBA’s broad membership has long been raising the alarm about the rise in fraud and scams that are inflicting deep financial and emotional harm on American consumers and small businesses. Banks invest billions of dollars and millions of hours to combat fraudsters and scammers each year.”
On…
This involves defrauding the state or using government systems to steal from individuals.
- Tax Identity Theft: A criminal uses your ID and income details to file a tax return in your name and claim a refund before you do.
- Grant/Benefit Fraud: Falsely claiming unemployment, disability, or social grants that the perpetrator is not entitled to.