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House subcommittee hearing highlights surge in fraud, calls for national anti‑scam strategy
Summary
A House Financial Services subcommittee hearing centered on rising fraud and scams, with witnesses and members urging a coordinated federal response, improved information sharing, and private‑sector accountability for telecoms, platforms and payment providers.
The House Financial Services Subcommittee on Oversight and Investigations convened a hearing titled “Fraud and Focus: Exposing Financial Threats to American Families,” opening with committee members and witnesses warning of sharply rising fraud losses and urging a coordinated national response.
Chairman Muser said the hearing’s purpose was “to better understand the various types of financial fraud that exist, including the meteoric rise in check fraud and senior scams.” He and other members cited federal statistics and industry figures showing large year‑over‑year increases in reported losses. Paul Benda, executive vice president for risk, fraud and cybersecurity at the American Bankers Association, told…
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