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Banks Asked to Fight Payroll Fraud
Description
Secretary Scott Bessent is rallying banks to fight financial fraud—especially schemes using unauthorized workers that’ve cost billions—with new Treasury guidance designed to help institutions spot and report suspicious activity. This effort, backed by an executive order, targets payroll tax fraud that undermines wages, fuels identity theft, and enables criminal money laundering. Bessent stresses banks aren’t being asked to police immigration—but to sharpen their fraud detection. Critics warn it could lead to over-reporting and stricter rules for everyday customers, raising costs and scrutiny. The Treasury insists it’s equipping banks with better tools to protect the financial system’s integrity and the public’s security.
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