BAFT submitted a comment letter to urge regulators to expand collaboration across banks, fintechs, telecom, social media, and law enforcement — both domestically and internationally — to effectively combat payments fraud. The association calls for real-time data sharing, clearer liability standards, and safe harbor protections so banks can pause suspicious transactions without fear of penalty. It also recommends updated regulations, industry-wide fraud standards, and consumer/business education campaigns to strengthen prevention, detection, and mitigation efforts.