H.R. 5967: Strategic Task Force on Scam Prevention Act

This bill, titled the Strategic Task Force on Scam Prevention Act, aims to establish a task force led by the Federal Trade Commission (FTC) in collaboration with the Department of Justice (DOJ) to combat scams in the United States. Below is a summary of the key components of the bill.

Task Force Establishment

The bill mandates the creation of an interagency task force, which will consist of representatives from various federal agencies. The main goal of this task force is to develop strategies and actions addressing scams.

Task Force Composition

The task force will include representatives from the following agencies:

• The Department of Homeland Security (including the United States Secret Service)
• The Department of Justice (including the Federal Bureau of Investigation)
• The Department of State
• The Department of the Treasury
• The Department of Veterans Affairs
• The Federal Communications Commission
• The Federal Trade Commission
• The Securities and Exchange Commission
• The Social Security Administration
• The United States Postal Service

Duties of the Task Force

The task force will be responsible for the following:

1. Developing and implementing a national strategy to combat scams, which will include:
• Utilizing resources such as the Consumer Sentinel Network from the FTC and the Internet Crime Complaint Center from the FBI.
• Public education campaigns to inform citizens about scams.
• Coordinating with industry entities, including online platform providers.
• Conducting enforcement actions against scams, leveraging existing authorities related to fraud and other illegal activities.
• Collaborating with international partners to strengthen efforts against scams.
• Creating strategies to mitigate financial losses due to scams and improving recovery resources for affected individuals.
2. Submitting a report to Congress within one year of the bill's enactment that outlines the actions taken by the task force.

Consultation

In fulfilling its responsibilities, the task force will consult with representatives from:

• Consumer advocacy organizations that focus on fraud and scams.
• Various industry sectors, including:
• Banking
• Consumer-facing generative artificial intelligence applications
• Cryptocurrency
• Dating applications
• Peer-to-peer payment platforms
• Search engines
• Social media
• Communications equipment manufacturers
• Communications providers
• State attorneys general
• State securities commissions
• Local law enforcement agencies

Termination

The task force will exist for a duration of ten years from the date of the bill's enactment.

Relevant Companies

• GOOGL - **Alphabet Inc.**: May be impacted as the task force engages with social media and online platforms to address scams.
• FB - **Meta Platforms, Inc.**: As a significant social media company, it may be involved in efforts to mitigate scams on its platforms.
• V - **Visa Inc.**: May see a direct impact due to its involvement in payment processing and potential collaboration on scam prevention measures.
• MA - **Mastercard Incorporated**: Similar to Visa, Mastercard may be affected by any regulatory changes or enforcement actions aimed at combating financial fraud.
• COIN - **Coinbase Global, Inc.**: As a major player in the cryptocurrency industry, it may need to comply with new regulations and strategies aimed at reducing scams in the sector.