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Lawmakers press for TRAPS and GARD to stop upstream scams and protect seniors
Summary
Representatives described two bills—TRAPS (interagency task force and upstream information sharing) and GARD (blockchain tracing assistance for state/local law enforcement)—as priority responses to rising fraud losses, especially among seniors.
Multiple members outlined legislative proposals aimed at stopping scams earlier in the chain and giving local law enforcement tools to trace funds.
Rep. Nunn and others described the GARD Act, which would provide blockchain tracing tools to state and local law enforcement so they can follow money before it disappears offshore. He also described the TRAPS Act, which would convene banks, telcos, tech platforms and law enforcement in a Treasury‑led task force to share information and disrupt scams upstream.
AARP's Ms. Gunther and FINRA's Mr. Smith supported both concepts, saying upstream takedowns, faster information sharing and enhanced training for frontline staff are necessary complements to temporary holds and trusted-contact rules. Members cited striking recent loss figures—state-level spikes and large average losses for elderly victims—to argue for immediate action.
Committee members asked witnesses about implementation, liability protections for firms using holds, and the role of state report‑and‑hold laws. No bill was passed during the hearing; members urged rapid drafting and interagency coordination.
