News

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.