The United States legislators from the House of Representatives have introduced two -party legislation to fight financial fraud and so -called ”Grissing fraud“It is aimed at older US citizens, especially through online funds. The bill would support law enforcement agencies to use Blockchain technology and allow federal law enforcement to help state and local law enforcement with tracking tools for blockchain technology.
“To protect unprotected aging pensioners from the fraud (guard) law” was introduced on April 21 by Republican representative Zach Nunn (R-Is) and co-sponsored by colleague Republican rep. Scott Fitzgerald (R-WI) together with democratic rope. Josh Gotheimer (D-NJ).
“Scammers switches on Iowa pensioners and steals his hard made money. By 2023, the Iowa-Attorney’s office received more than 13,000 financial fraud reports, resulting in about $ 42.6 million in financial losses,” said Rep. Nun. “Iowa pensioners should not have to worry about scams robbing them for their savings with false investment systems. But if they are cheated, law enforcement should have the tools needed to get their case right.”
The Federal Trade Commission (FTC) Data Released in March showed that US consumers reported that they lost more than $ 12.5 billion to fraud by 2024, which corresponds to an increase of 25% compared to the previous year.
In accordance with To rope. Nun, older adults carry the breaking of this increase in fraud and fraud and suffer significantly higher financial losses. For example, in 2021, the median loss for individuals was over $ 70 $ 9,000, compared with $ 2,400 in all age groups.
A particularly comprehensive fraud that has become more common in recent years is “pig butcher”, named according to how bad actors “fat” their victims to extract the most possible value. The bag, or network of fraudsters masked as an individual, will usually develop an online or virtual relationship with the victim – often romantic – and then convince them to invest more and more money in fraudulent investments.
Based on New tasks From the blockchain analysis company’s chain analysis accounted for 33.2% of all digital asset -related fraud revenue in 2024.
“In 2022, these fraud resulted in reported losses of more than $ 1 billion. It has become so bad that the US association of retired persons (AARP) has published an explicit warning that told Americans over 50 to watch out for criminals trying to deceive them from their hard -earned savings,” pronounced rope. Nun’s press release.
However, it suggested that law enforcement and national security agencies have a crucial advantage against these criminals: “Blockchain Technology’s permanentity and openness. Officers can use blockchain technology to stop these criminals in their tracks.”
This was proven in November 2023, when the US Justice Department (DOJ), with blockchain, froze about $ 225 million linked to an international syndicate for human trafficking in Southeast Asia responsible for “pig slaughter” fraud. Another example came at the end of 2023 when 3,500 cyber criminals associated with online scamming were arrested And $ 300 million in stolen funds seized by the authorities during a South Korea-led Interpol operation.
The Guard Act would support such efforts by allowing state and local law enforcement to use legitimate federal grant financing to investigate financial fraud and “pig butter” fraud against pensioners. It would also allow federal law enforcement to help state and local law enforcement with Block -technology tracking tool.
“We need the twenty-first century’s tools to defeat fraud that uses every trick in the book-social media, emails, texts and phone calls-to swindle Americans of billions of dollars each year,” Repe said. Gottheimer, co-chair of the two-year legislative driving and the member of the House Financial Services Committee. “That is why I am proud to live in Bipartisan Guard Act to ensure that law enforcement can access groundbreaking technology to stop these fraud and protect our communities.”
Rope. Fitzgerald echoed this feeling and said that the bill represented “a critical step to equip our state and local law enforcement with the tools they need to fight financial fraud more effectively.”
He added that “By utilizing innovative technology such as blockchain, we can better protect Wisconsin seniors and families from increasingly sophisticated fraud.”
The guard team is also supported by AARP, Iowa State Police Association, Financial Technology Association, Consumer Bankers Association, America’s Credit Union Association, Digital Chamber, National Police Association, Crypto Council for Innovation and Iowa Bankers Association.
“This two -party legislation would help equip state and local law enforcement, which are in the front lines responding to fraud, with the resources they need to investigate fraud, keep criminals responsible and get justice to the victims,” said Bill Sweene, AARP’s senior vice president for government issues.
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