Senators Call for Increased Safeguards Against Financial Scams

A bipartisan group of senators spoke to banking and consumer law experts about the increasing dangers Americans face in the area of financial fraud, pointing to a need for increased safeguards and added education to help citizens avoid falling victim to a scam. The Feb. 1 hearing, conducted by the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Sen. Sherrod Brown (D-Ohio) and Ranking Member Sen. Tim Scott (R-S.C.), began with lawmakers stating concerns about the prevalence of scams and fraud targeting consumers in the financial industry. Mr. Brown emphasized that consumers should be able to trust that financial institutions will protect their money and assist them when issues arise. However, he highlighted a disturbing trend where scammers and fraudsters have exploited vulnerabilities in the system, with banks and payment apps seemingly inactive on the sidelines....