Readout from the Financial Literacy and Education Commission September 2025 Public Meeting on Payment Fraud

WASHINGTON - Yesterday, the U.S. Department of the Treasury hosted a convening of the Financial Literacy and Education Commission (FLEC) focused on federal efforts to combat payment fraud and implement Executive Order 14247, Modernizing Payments To and From America's Bank Account, which mandates the transition to the use of electronic payments for federal disbursements and receipts beginning on September 30, 2025.

As chair of the FLEC, U.S. Secretary of the Treasury Scott Bessent delivered opening remarks affirming his commitment to promoting financial literacy. He noted that the federal shift to electronic payments is not only a safeguard against fraud, but also a chance to strengthen Americans' financial skills. "We are leveraging the opportunity to provide all Americans with information on the immediate and growing fraud risks associated with paper checks, as well as the knowledge and tools to use electronic payments that are safer, faster, and more convenient," said Secretary Bessent. He also called on the FLEC to update the U.S. National Strategy for Financial Literacy to address the challenges and opportunities faced by American households in an increasingly digital and complex financial world.

At the meeting, representatives from the Federal Trade Commission, Federal Reserve Board, and Independent Community Bankers of America provided a national perspective on payment fraud. Panelists discussed rising levels of fraud in recent years, challenges fighting fraud, and shared insights into federal and industry efforts to protect individuals and families.

In a separate panel discussion, representatives from the Department of Veterans Affairs, Social Security Administration, and Internal Revenue Service addressed agency implementation of EO 14247. Panelists highlighted their efforts to reach out to impacted Americans, progress transitioning to electronic payments, and the key changes still ahead. Renata Miskell, Deputy Assistant Secretary for Accounting Policy and Financial Transparency, Office of the Fiscal Assistant Secretary at the U.S. Department of the Treasury, emphasized that Treasury and its agency partners are coordinating closely to support a smooth transition to electronic payments and ensure that affected individuals and entities receive needed assistance.

Treasury and its partners emphasized that while most people already receive their federal payments electronically, those still receiving paper checks should switch to an electronic payment method. Individuals can enroll in direct deposit using one of the following options:

Information about the EO and resources for signing up for electronic payments are available at MyMoney.gov/FederalPayments.

During this transition, the public should be cautious against government impersonation scams and should verify requests through known websites or phone numbers. See How To Avoid Imposter Scams | FTC for more advice on avoiding government impersonation scams.

A recording of the meeting is available here.

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