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