[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},"mediaId",6087882,"mediaKeyId","2887567-cd6d1573c9a3d6ed4a7a5bcabcda583d","parentId",2887567,"title","AARP and others urge stronger local capacity, new coordination center to protect older Americans from scams","audioSeconds",302,"startMs",2751000,"endMs",3053000,"viewUrl","/Search/View?dp=1&key=2887567-cd6d1573c9a3d6ed4a7a5bcabcda583d&start=2751&end=3053","thumbnailUrl","https://assets.pipeline.soar.com/2887567-cd6d1573c9a3d6ed4a7a5bcabcda583d/thumbnail_2751000.jpg","articleUrl","/articles/6087882/AARP-and-others-urge-stronger-local-capacity-new-coordination-center-to-protect-older-Americans-from-scams","mediaUrl","https://secure.pipeline.soar.com/6087882-8cba37ffbb097bc70d9dbae2ad509988/orig.mp4?Expires=1771159780&Signature=B88lwTPR00jwB~PVLtObpdyFjNy484TW~udsWbH7LarjE6Ne8cVW-P2K80slC3yK~cNrU3soGWI-VnVBTdfe6PrgRXuY0Iu9N3srdAnfiHhkO~G5XLIbdz1dHO-gl-dUiLBWKqarsfyTWmYNB7rBGogdGJchoOWiSQ5xBkAVoYN1J2ReLY5UdqT0SLqisiN4SRVqbK5fDX9UpbBvKYsZJs97qMypGLZljNpfjw2zGht9ZrXIwna78-Enk1resCF7uttPRy9NmrqEjx6yCKxbEL4HnPqT5eZKcEPqxGQ68hry04inGnhqyPv6NPEX5FLgRzocpTG~MiuwlUa~ME2xfA__&Key-Pair-Id=KUT5TJCACFTXG","author","U.S. House Committee on Financial Services","date","2025-04-02T04:45:44Z","article","Kathy Stokes, director of fraud prevention programs at AARP, told the subcommittee that older adults bear a large share of documented fraud losses and that education alone is insufficient to stop losses at scale.

“A lot of once financially secure Americans who did the right thing and saved for a comfortable retirement are left to rely on government safety nets,” Stokes said, describing AARP’s Fraud Watch Network, volunteer support programs and a victim help line that receives hundreds of calls daily. She cited an AARP/FTC estimate — reflected in testimony — that underreporting makes the real 2023 fraud losses substantially higher than headline figures.

Stokes and other witnesses urged stronger, funded local capacity for law enforcement and victim support, better fraud reporting systems so authorities can prioritize cases, and legislation limiting harm from crypto ATMs and other channels used by scammers. Stokes also highlighted a new public‑private National Elder Fraud Coordination Center intended to improve information sharing and operational response to elder fraud.

Members pressed witnesses on practical steps: more training for state and local investigators, a centralized reporting point for victims, outreach through member offices, and tighter coordination with banks and telecom providers to disrupt outreach vectors such as social media and text messaging. No formal policy votes were taken; members asked witnesses to provide written details and to work with relevant committees on next steps.","mediaType","Video","parentTitle","Following the Money: Tools and Techniques to Combat Fraud (EventID=118056)","oneSentenceSummary","AARP and witnesses told the House subcommittee that older Americans suffer disproportionate financial harm from scams and urged federal support for state and local training, improved reporting systems and the National Elder Fraud Coordination Center.","taxTitle","Financial Services: House Committee, Standing Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal","taxId",1981,"location","","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6087887,"Small‑business groups tell House subcommittee beneficial‑ownership reporting poses fraud and privacy risks",172,2444000,2616000,"/Search/View?dp=1&key=2887567-cd6d1573c9a3d6ed4a7a5bcabcda583d&start=2444&end=2616","https://assets.pipeline.soar.com/2887567-cd6d1573c9a3d6ed4a7a5bcabcda583d/thumbnail_2444000.jpg","/articles/6087887/Smallbusiness-groups-tell-House-subcommittee-beneficialownership-reporting-poses-fraud-and-privacy-risks","https://secure.pipeline.soar.com/6087887-51aa6e2adc15e3fc319342230ccccab4/orig.mp4?Expires=1771159780&Signature=LD1JoDlaPAprtPaSqjn0h2g1qmBoSd3C41ApaBvTt4XDn1yyXwJEm8TtTb3F5rqxyUcH1fsj5-lqHh~o~ePxl-Ufa1-FaOs0QPRcMayl8zAVs13eCWnq8Z9XQw~gyzEwI7qYJ84I0xzhfJ33FGQ1HMFagXudVKCRpoyMwNeBa1qQ~jUsQ-c4yBSDCHLyBW22vt0khKH1ac3jPTslcRYl-qYhuhcGtvk7yTolWErs-VJTjyqAie9B-SQ62QSNXF29elgtGNOqs8bIpzCT7lOHlwsMv54MeqcyMMMQAvQCXhYGcH9Xb6pFZzZc49muKct-DfF9EFIhZuV24QNuPfXSCg__&Key-Pair-Id=KUT5TJCACFTXG","Jeff Brabant, vice president for federal government relations at the National Federation of Independent Business, told the subcommittee that many small businesses view the Corporate Transparency Act (CTA) beneficial‑ownership information (BOI) filing requirements as invasive and a target for scammers.

“Small businesses overwhelmingly oppose the CTA,” Brabant said in testimony, describing instances where fraudulent third‑party filers and imitation websites have charged fees to business owners attempting to comply. He described a case in which an Indiana farmer was charged $249 by a commercial filing service that the farmer later identified as a scam.

Brabant and other witnesses urged Congress and Treasury to address what they called implementation risks: phishing and copycat filing services, the storage of driver‑license images and other sensitive data, and the administrative burden on small firms that lack compliance resources. Several witnesses said that banks already collect ownership information as part of customer due diligence, and that CTA reporting can duplicate those requirements while creating a central database of sensitive records.

Committee members asked about trade‑offs between law‑enforcement utility and privacy risk. Witnesses recommended targeted exemptions or a risk‑based approach to minimize small‑business compliance costs while preserving usable information for investigations. No legislative change was decided at the hearing; members on both sides pressed Treasury and FinCEN officials in questioning and asked witnesses for additional detail in the written record.","Representatives from the National Federation of Independent Business and other witnesses said the Corporate Transparency Act's reporting requirements and the way filings are implemented have exposed small businesses to scams and raised privacy concerns.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6087892,"Chainalysis tells House subcommittee blockchain tracing can expose scam supply chains; names Huai Wan platform as common denominator",119,2162000,2281000,"/Search/View?dp=1&key=2887567-cd6d1573c9a3d6ed4a7a5bcabcda583d&start=2162&end=2281","https://assets.pipeline.soar.com/2887567-cd6d1573c9a3d6ed4a7a5bcabcda583d/thumbnail_2162000.jpg","/articles/6087892/Chainalysis-tells-House-subcommittee-blockchain-tracing-can-expose-scam-supply-chains-names-Huai-Wan-platform-as-common-denominator","https://secure.pipeline.soar.com/6087892-f449be875191496b486ac41f9133a359/orig.mp4?Expires=1771159780&Signature=avv-jRkzt~PJKljNZjmXe9MNCA6FRMWkhQPqyjNP-joB-VvzFvecgSIVZWKD2VtH4HU-nTXtszLsZ4RwS6LYJyEKpfdtVGKV3i1RkP9seTequOcOOywcBXfDMQKaifL2W~j2BW1pWN1tiFwLPaAVnictKf8oyWuOPmutUHzWghD1FMYiWWA3O~m8UOFD0PBCjXHMI2z0AKcHq6LG7zeh~YtjYV1~D9B9gZqT6WGo39AnYji~f5SI3aGCfMB2xrn-0HKO1DGCeFK1bTmALSRK14FvcldyI-ysspSWlg-i7GQSA3UZwDV4y6PXqsPiGN9bYsPykhFR2Qr7KYg9Fhj9KA__&Key-Pair-Id=KUT5TJCACFTXG","Jacqueline Burns Coven, head of cyber threat intelligence at Chainalysis, told the subcommittee that blockchain analytics provide unusually granular visibility into cryptocurrency flows and the scam “kill chain.”

“Leveraging the blockchain's inherent transparency, we track cryptocurrency activity by illicit actors,” Coven said. She described so‑called pig‑butchering and investment scams in which victims are groomed and then induced to send funds to illicit wallets. Coven said Chainalysis’s data show scam operators received over $10 billion in cryptocurrency payments annually in recent years and that a peer‑to‑peer marketplace — referenced in testimony as “Huai Wan Guarantee” and also spoken about under variants such as “Hue1” or “WayOne” — provides infrastructure that lowers the cost of running scams at scale.

Chainalysis testified that funds tied to scams often move through identifiable touchpoints on public ledgers, which enables tracing and, in some cases, mid‑stream freezes of stablecoin balances. Coven said her firm has worked with law enforcement worldwide to support large seizures and recoveries and that the public‑ledger visibility can often connect a single payment to a scheme that includes hundreds of victim transfers.

Chainalysis and other witnesses recommended clearer regulatory expectations for crypto businesses, stronger AML/CFT standards in jurisdictions that enable laundering, and expanded training for state and local law enforcement to use blockchain tools. Coven called for “bidirectional scam reporting and response between public and private sectors” so financial institutions and analytics firms can act more quickly to prevent additional victimization.

Committee members asked how effective sanctions and coordinated law‑enforcement takedowns have been in disrupting these platforms. Coven said sanctions can be effective when paired with operational actions and rebranding of sanctioned services is a continuing challenge that requires sustained analytics and enforcement work.

The testimony did not report new enforcement actions from the committee; witnesses said additional funding and authorities for state and local law enforcement and clearer regulatory frameworks for stablecoins and crypto intermediaries would strengthen the domestic response to crypto‑enabled fraud.","Chainalysis and other witnesses told lawmakers blockchain analytics can reveal laundering and the infrastructure behind large crypto scams; the firm identified a peer‑to‑peer marketplace it said facilitates scam tools, laundering and fraud services.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6087897,"House subcommittee hears testimony on rising investment scams, urges better public-private data sharing",6770,1126000,7896000,"/Search/View?dp=1&key=2887567-cd6d1573c9a3d6ed4a7a5bcabcda583d&start=1126&end=7896","https://assets.pipeline.soar.com/2887567-cd6d1573c9a3d6ed4a7a5bcabcda583d/thumbnail_1126000.jpg","/articles/6087897/House-subcommittee-hears-testimony-on-rising-investment-scams-urges-better-public-private-data-sharing","https://secure.pipeline.soar.com/6087897-880b06dcc112d4c42111e088d3fab8e3/orig.mp4?Expires=1771159780&Signature=DszUH5ufYUStN--JsM~K0eF~v-WbE-AQGY6QH1Xc~uWaW-VsGo54zrXbTf3e91Dd~5iyCsUKYrmKego2zV2Z7K0obs1oPepl7dIXhRbovFcr0CXG~wUCCgURwCy6vLqW5uGmFAxJL7nfGh3~B4m4R6UUtL0-aSuLRtNLJGFJfHTjw2SyZsi9ZFEmZNjUd5vizQpsIVE5wcXNJ5akYeK~AygckxmZOxKJwvgAke-2pcDQ2P4wXvZGoCbOuKXDxrT8I577JrcYs5f9wZnVE9eId1g-9e9BVA1ZuVKrFpXV0GVzZhKTOcRGO43MFlvvjdTNZS2zJ3dnRaS4Fdh27XJm7g__&Key-Pair-Id=KUT5TJCACFTXG","The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions convened a hearing titled “Following the Money: Tools and Techniques to Combat Fraud” to examine investment fraud trends and the effectiveness of existing anti‑fraud tools.

The hearing brought bankers, blockchain analysts, small‑business advocates and consumer groups before the panel to describe how fraud syndicates exploit technological change and reporting shortfalls. Chairman Davidson opened the session saying, “The hearing is entitled ‘Following the money, tools and techniques to combat fraud,’” and urged a whole‑of‑government approach to protect consumers.

Witnesses described a sharp rise in reported losses and gaps in the way information is shared. Darren McLaughlin, executive vice president and chief BSA/AML and sanctions officer for Flagstar Bank, testifying on behalf of the American Bankers Association, told the committee banks file millions of suspicious activity reports (SARs) and currency transaction reports (CTRs) but receive little actionable feedback from government agencies. “Although thousands of SARs are filed, they may not actually reflect criminal or other illicit acts,” McLaughlin said, and he urged clearer, risk‑based guidance and faster government feedback.

Jacqueline Burns Coven, head of cyber threat intelligence at Chainalysis, said blockchain analytics can reveal entire scam supply chains and cited large peer‑to‑peer platforms that facilitate laundering and the sale of scam infrastructure. Kathy Stokes, director of fraud prevention programs at AARP, stressed the outsized harm to older Americans and described new public‑private efforts, including the National Elder Fraud Coordination Center, to improve victim support and case coordination.

Committee members pressed witnesses on several policy choices: whether thresholds for CTRs and SARs should be adjusted for inflation, how to make SARs more useful to law enforcement, and how to regulate stablecoins and cryptocurrency intermediaries. The GAO and FTC figures cited in testimony highlighted the scale of the problem: witnesses noted both the FTC’s published loss estimates and GAO findings that law enforcement accesses only a small fraction of available CTR records.

No formal votes or policy decisions were taken at the hearing. Members from both parties emphasized the need for better federal training for state and local law enforcement, improved two‑way information sharing with banks and analytics firms, and targeted measures to protect older adults and small businesses.

Looking ahead, witnesses said Congress can help by clarifying data‑sharing authorities, adjusting antiquated reporting thresholds, and funding training and technical assistance for state and local investigators. The hearing record will remain open for five legislative days for submission of additional materials, and witnesses were asked to respond to follow‑up questions by May 6.","Members of the House Financial Services Subcommittee heard industry and advocacy witnesses describe a sharp rise in investment and elder fraud, gaps in current suspicious-reporting regimes, and calls for faster, two-way information sharing between government and private-sector firms.","actionData","errors"]

Article not found

AARP and others urge stronger local capacity, new coordination center to protect older Americans from scams

Small‑business groups tell House subcommittee beneficial‑ownership reporting poses fraud and privacy risks

Chainalysis tells House subcommittee blockchain tracing can expose scam supply chains; names Huai Wan platform as common denominator

House subcommittee hears testimony on rising investment scams, urges better public-private data sharing