French Hill on Rising Online Scams and Financial Fraud

Escalating Financial Fraud

• ⚠️ Online scams and fraud are accelerating, posing significant threats to American families.
• 🎯 These fraudulent activities are generating unprecedented losses for both consumers and the broader financial system.

Targeted Fraudulent Activities

• 🎣 Common methods include check fraud, debit fraud, and text phishing (smishing), which are increasingly targeting Americans.
• 📬 The speaker's own family experienced check fraud in 2022, highlighting the pervasive nature of these crimes.

Addressing Financial Threats

• 🏛️ The committee is exploring proactive measures that federal agencies can implement to counter these threats.
• 💡 Emerging technologies such as AI and blockchain are being considered for their potential to enhance protection against financial fraud.