H.R. 7215: Stop Schemes, Cyberfraud, Abuse, Manipulation, and Swindles Act

This bill, known as the Stop Schemes, Cyberfraud, Abuse, Manipulation, and Swindles Act, aims to enhance the government's efforts in combating scams and fraudulent activities. Here are the main features of the bill:

1. Government-Wide Strategy Development

The bill requires the Director of the Federal Bureau of Investigation (FBI), in coordination with the Bureau of Consumer Financial Protection and the Federal Trade Commission (FTC), to:

• Develop and implement a comprehensive strategy to counter scams within one year of the bill's enactment.
• Adopt a standardized definition of scams and the various types involved.
• Explore methods to harmonize data collection to better identify scam incidents, including their types, financial losses, and payment methods.

2. Reporting Requirements

Within two years of the bill's enactment, the agencies involved must:

• Provide a government-wide estimate of the number of consumers affected by scams each year, including unreported incidents.
• Estimate the total dollar losses incurred by consumers due to these scams.

3. Agency-Specific Requirements

Each agency has specific requirements to fulfill within one year of the bill’s enactment:

• The FBI must:
• Report the number of scam-related complaints it receives annually and the associated financial losses.
• Establish metrics to evaluate the effectiveness of anti-scam training programs.
• The Bureau of Consumer Financial Protection must:
• Similarly report on scam-related complaints and financial losses.
• Measure the effectiveness of its anti-scam training programs.
• The FTC must:
• Report the number of scam-related complaints and estimated dollar losses.
• Evaluate the effectiveness of its own anti-scam training programs.

4. Public Transparency

The agencies are required to make their scam-related reports publicly available in annual publications, ensuring transparency about the prevalence and impact of scams.

5. Definitions

The bill provides specific definitions for the terms used throughout, such as:

• Agency: Defined as per the relevant federal law.
• Bureau: Refers specifically to the Bureau of Consumer Financial Protection.
• Commission: Refers to the Federal Trade Commission.
• Director: Refers to the Director of the FBI.

Relevant Companies

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