The Federal Reserve Bank of Philadelphia details types of confidence scams in the Fed’s latest Consumer Compliance Outlook.
Philly Fed updates confidence scam information
September 03, 2025 / By ICBA
The Federal Reserve Bank of Philadelphia details types of confidence scams in the Fed’s latest Consumer Compliance Outlook.
The Federal Reserve Bank of Philadelphia details types of confidence scams in the Fed’s latest Consumer Compliance Outlook.
Details: The article discusses ways to increase community bankers’ awareness of the various types of confidence scams and provides resources for bank staff and customers dealing with the consequences of such scams.
Growing Concern: Losses attributed to crypto crimes increased 66% in 2024 to $9.3 billion, according to a report from the FBI’s Internet Crime Complaint Center.
ICBA View: In a statement for a congressional hearing on crypto-based romance confidence scams last fall, ICBA said the persistent growth of such scams emphasizes the urgent need for policymakers to prioritize national security, counter illicit finance uses of cryptocurrency, and improve information sharing with community banks.
Resources: ICBA blog posts spotlight the growth of these scams and the need for a policy response.
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