BPI Response to DOJ Crackdown on Fraudulent Microtransactions

Washington, D.C. — BPI’s Senior Vice President for Fraud Reduction, Greg Williamson, responded to a Department of Justice announcement Friday that it is cracking-down on networks that steal money from consumer accounts and use fraudulent “microtransactions” to hide the activity from banks.

We strongly support the Department of Justice’s commitment to protect the American consumer with these legal actions targeting those who deceive consumers and steal money from their accounts.  Trust in our payments systems is of the utmost importance and these actions by the Justice Department are a critical step to deterring fraudulent activity and attacking the criminal organizations that prey on US consumers.

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About Bank Policy Institute.

The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.

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Sean Oblack
Bank Policy Institute
sean.oblack@bpi.com

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