OCC launches new tool to combat rising bank fraud in Minnesota

The Office of the Comptroller of the Currency (OCC) has launched a new tool to assist community banks in Minnesota with detecting and reporting fraud. Comptroller Jonathan Gould announced the measure following a meeting with local bank leaders, citing a significant rise in fraudulent activity within the state.

According to OCC data, non-mortgage fraud reports in Minnesota more than doubled between 2020 and 2024, while suspicious activity reports related to check fraud increased by nearly 300 percent during that period. The agency reported over 15,000 suspicious activity reports involving checks, counterfeit instruments, wire fraud, and elder exploitation, with estimated losses totaling approximately $86.5 million.

Gould noted that fraudulent diversions have impacted funds intended for vulnerable populations, including children and seniors. The new tool will allow community bankers to report suspected fraud involving OCC-regulated institutions directly to a dedicated OCC fraud taskforce.