Banks raise fraud awareness

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Banks raise fraud awareness

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The Community Bank of Missouri has recently teamed up with the American Bankers Association and financial institutions nationwide to launch a comprehensive initiative aimed at raising awareness about the persistent threat of phishing scams and check fraud. Recent data from the Federal Trade Commission reveals that consumers suffered an estimated $10 billion in losses due to phishing and other fraudulent activities in 2023, representing a substantial 13.6% increase from the previous year. Furthermore, a 2023 report from the Boston Fed indicates that instances of check fraud have nearly doubled since 2021, underscoring the escalating nature of this issue. The Community Bank of Missouri, in partnership with banks nationwide, is teaming up with the ABA to roll out a campaign in October to mark the beginning of National Cybersecurity Awareness Month. Over the course of the month, the bank will share videos and offer consumer tips on its social media platforms and within bank branches…

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