Protecting Your Finances: Navigating the Rise in Online Banking Scams

The American Bankers Association (ABA) is calling for federal intervention to combat the rising issue of online financial scams, which resulted in $10 billion in losses last year. Banks and the federal government are at odds, with banks urging the government to implement a national strategy and create new offices to tackle fraud, while the government wants banks to take more responsibility for compensating scam victims. The ABA suggests measures like updating fraud laws and creating a database of spam texts to help monitor and educate on scam trends.