TRAPS Act could be great tool to thwart scammers
Many High Plains farmers and ranchers and their families have cell phones, home computers and laptops.
These are all excellent tools to help them to become more efficient and communicate with their families and employees.
An unfortunate by-product has been the proliferation of scams and conmen through sophisticated ways seem to worm their way into the lives with purported persuasiveness to try to snare the unsuspected to reveal his or her social security number or bank account numbers. Large financial institutions and metropolitan police departments have staffs in place to help combat the incessant wave. Smaller institutions, county sheriffs and local police are also investigating and being proactive to help their patrons and citizens.
Will it ever end? The honest answer is no. But one encouraging sign is coming from an unexpected resource—Congress.
U.S. Sen. Jerry Moran, R-KS, has joined fellow Sens. Mike Crapo, R-ID, Mark Warner, D-VA, and Raphael Warnock, D-GA, in the introduction of a bipartisan Task Force for Recognizing and Averting Payment Scams, which would create a task force to combat the growing issues of payment scams. In Moran’s news release he stated the Federal Trade Commission reported losses to fraud have soared 25% over the past year to $12.5 billion nationwide.
Moran, a champion of small and rural communities, understands that when federal, state and local entities work together, it can make a difference when fighting crime.
“Combatting the global rise in fraud starts with making certain federal regulators and law enforcement agencies are coordinating effectively to address these threats,” Moran said in the news release. “Establishing a task force to promote inter-agency cooperation on preventing payment scams and other fraud is yet another step in protecting the financial security of Kansans.”
Crapo, Warner and Warnock offered similar remarks about the importance of helping everyday Americans who unfortunately fall prey to scammers.
Payment scams occur when a scammer induces a victim, usually under false pretenses of romance or investments, to voluntarily send them money. The legislation would bring together industry, law enforcement, financial regulators, and telecommunication regulators to decide best practices for identifying and preventing future scams.
Besides identifying the task force, which would be chaired by the U.S. Department of the Treasury, The TRAPS Act would direct the committee to examine the payments landscape and compile a report to recommend legislative and regulatory changes including best practices to coordinate state, local and federal efforts. It would require the task force to update the report annually for three years.
The act is supported by the AARP, Early Warning Services, Electronic Transactions Association, GoWest Credit Union Association, American Bankers Association, Consumer Bankers Association, National Bankers Association, the Defense Credit Union Council, and America’s Credit Unions.
When we read partisan cringe-worthy remarks about Americans, both rural and urban, it does not inspire us initially to try to make a difference. This a good example where Congress can step up and help. The laundry list of other projects and priorities are many, but hopefully this is one that can offer us hope that good legislation does matter.
Dave Bergmeier can be reached at 620-227-1822
