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Frauds and Scams
Criminals sometimes invoke the name of the Federal Reserve to deceive the public. The Federal Reserve Bank of New York, in conjunction with law enforcement authorities, investigates complaints of fraud using its name.
Beware of solicitations promising consumers access to personal loans through a nonexistent Federal Reserve lending program. Under this fraudulent scheme, targeted individuals are told that that they can work through a broker to access a Federal Reserve program that extends sizable secured loans to consumers.