The Comptroller of the Currency, Jonathan Gould, announced new measures Tuesday to help Minnesota banks detect and report fraud, following a meeting with community bank leaders in the state.
Gould’s office, the Office of the Comptroller of the Currency (OCC), is an independent bureau of the U.S. Department of the Treasury that charters, regulates and supervises national banks, federal savings associations, and federal branches of foreign banks.
In a statement, Gould pointed to a sharp rise in fraud reports across Minnesota in recent years.
“Minnesota has seen fraud spiral out of control in recent years. Non-mortgage fraud reports in Minnesota more than doubled between 2020 and 2024, and filings of suspicious activity reports related to check fraud increased nearly 300 percent during that same period,” Gould said. “Billions of dollars intended for hungry children, housing for disabled seniors, and services for children with special needs were diverted to people who cheated the system, some of whom are not even American citizens.”
According to figures released by the OCC, Minnesota has logged more than 15,000 suspicious activity reports tied to checks, counterfeit instruments, wire fraud and elder exploitation. The agency estimates the fraudulent activity has resulted in roughly $86.5 million in losses.
To address the problem, Gould announced the launch of a new tool allowing community bankers to report suspected fraud involving OCC-regulated institutions directly to an OCC fraud taskforce. He said the agency has additional resources available to help banks protect their customers and communities.
“The OCC is committed to supporting community banks in the fight against fraud and participating in a whole-of-government effort to stop those who seek to exploit the U.S. financial system or prey on American families and taxpayers,” Gould said.
You must be logged in to post a comment Login