Combatting Fraud and Scams
1 in 5 Americans
has lost money to an online scam or attack, according to the Aspen Institute.
BPI has policy solutions where telecom providers, social media, messaging platforms and financial institutions can work as a team to prevent fraud and scams.
Policy Solutions for Combatting Fraud and Scams
1
The U.S. government should establish a National Anti-Scam Strategy to prioritize prevention strategies and align accountability.
2
Banks should be given a safe harbor to intervene when necessary to protect customers.
3
Social media platforms should verify advertisers to stop scams before they originate and quickly take them down once fraud is reported.
4
Congress and regulators should create a safe harbor that lets telecom providers, social media platforms, messaging services and financial institutions share fraud-related data without liability or antitrust concerns.
5
The FCC and FTC should require telecom, social media and messaging app companies to monitor their networks and proactively notify victims.
More Resources
Fraud and Scam Reduction
BPI, Financial Services Trades Urge FCC to Adopt Outcome-Based Robocall Scorecard
BPI, Financial Services Trades Urge FCC to Adopt Outcome-Based Robocall Scorecard
Fraud and Scam Reduction
A Post-Pandemic Consumer-Centered View of Fraud: Financial Distress, Demand for Credit and Trust in Financial Institutions
A Post-Pandemic Consumer-Centered View of Fraud: Financial Distress, Demand for Credit and Trust in Financial Institutions
