Washington, D.C. – Senators Bernie Moreno (R-OH) and Ruben Gallego (D-AZ) introduced bipartisan legislation today titled “Safeguarding Consumers from Advertising Misconduct Act” (SCAM Act), aimed at tackling malvertising and bank impersonation scams.
BPI issued a statement of support:
“We support the SCAM Act and commend Senators Gallego and Moreno for their leadership. Nearly three in four U.S. adults have experienced some form of online scam or attack, and many of these schemes occur over social media and messaging platforms. Banks want to work together with social media to better protect consumers, and this legislation helps restore accountability so that everyone is doing their part.” – Erik Rust, Senior Vice President & Head of Government Affairs
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About Bank Policy Institute.
The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud, and other information security issues.
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