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Chair presses witnesses on tech and policy to stop scams that drain seniors' accounts
Summary
At a Joint Economic Committee hearing, the chair pressed witnesses on technological and policy solutions to prevent scammers from moving money out of older Americans' accounts, focusing on blocking scam communications, stopping suspicious payments at the rails, industry cooperation, and family-account safeguards.
The chair of the Joint Economic Committee pressed a panel of witnesses on how to prevent scammers from permanently taking money from older Americans, asking whether the government and private industry can build systems "so the money never leaves the individual's account." The hearing centered on two complementary strategies: stopping scam contact (communication vector) and stopping or reversing suspicious transfers (payment vector).
"How do we build a model, a technology, a policy so the money never leaves the individual's account," the chair asked, framing the session around preventing irrevocable transfers to fraudsters. Panelists acknowledged the limits of education alone and urged a blend of consumer outreach, industry technology, and payment-rail controls.
A witness with direct family experience said education remains a core pillar but is uneven across agencies. "A lot of what we have seen is various agencies in…
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