“CBA welcomes the Committee’s efforts to advance legislation to combat fraud and scams and to also provide both financial institutions and regulators with the tools and resources necessary to operate with AI and other emerging technologies. These efforts will help ensure that the financial system can keep pace with innovation while prioritizing consumer protection.
“The fraud and scam epidemic today is not a series of isolated incidents. It is a rapidly evolving, technology-accelerated, globally coordinated threat that inflicts billions of dollars in losses each…
Check your “Sent” folder in your email periodically to ensure there are no messages you didn’t send, which is a common sign that your email account has been compromised.
WASHINGTON, D.C. – Ahead of the U.S. House Financial Service Committee’s markup today, the Consumer Bankers Association (CBA) sent a letter of support for a number of the pieces of legislation that will be considered related to combatting fraud and scams and artificial intelligence (AI).
In the letter, CBA said:
“CBA welcomes the Committee’s efforts to advance legislation to combat fraud and scams and to also provide both financial institutions and regulators with the tools and resources necessary to operate with AI and other emerging technologies. These efforts will help ensure that the financial system can keep pace with innovation while prioritizing consumer protection.
“The fraud and scam epidemic today is not a series of isolated incidents. It is a rapidly evolving, technology-accelerated, globally coordinated threat that inflicts billions of dollars in losses each…
These frauds exploit emotional vulnerability and trust rather than technical weaknesses.
- Romance Scams: Scammers build long-term online relationships with victims, eventually fabricating a “crisis” (medical emergency, legal trouble, or travel costs) that requires the victim to send money.
- Pig Butchering: A hybrid scam where the criminal builds a romantic or platonic relationship to eventually “tutor” the victim in a fraudulent cryptocurrency investment.