XBRL US urges data standards in fight against payments fraud
XBRL US has responded to a Request for Information on payments fraud, issued by the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation. The agencies sought views on collective and individual actions they could take to help consumers, businesses and financial institutions combat fraud.
In its comment letter, XBRL US argued that structured, standardised data can provide regulators with a common framework for sharing, analysing, and verifying information. By applying a reporting standard such as XBRL, agencies could build systems capable of detecting suspicious activity more quickly, while reducing duplication and improving coordination.
The letter points to the broader benefits of machine-readable data in financial supervision, where structured formats already underpin high-quality regulatory reporting. Extending this approach to payments fraud, XBRL US suggests, would enable smarter oversight and more effective protection of the financial system.
As payments fraud grows in scale and sophistication, the call highlights the role of open data standards in making financial reporting not just more transparent, but more resilient.
Read the XBRL US letter in this link.
