WASHINGTON, D.C. – Today, Chairman Rick Scott announced the introduction of the Strengthening Targeting of Organized Predatory Scammers (STOP Scammers) Act. This bill will protect aging Americans from sophisticated international fraud schemes by directing the Secretary of the Treasury to identify and designate foreign entities engaged in financial fraud against U.S. citizens as ‘Foreign Financial Threat Organizations.’ Once designated, these organizations would be subject to asset freezes and restrictions similar to those imposed on global terrorist groups. The STOP Scammers Act will also include measures to stop foreign scammers from contacting American citizens via phone, internet, or email. Congressman Jefferson Shreve is leading the companion legislation in the House of Representatives.
This legislation follows the committee’s annual Fraud Report, which details how scams, many leveraging artificial intelligence, have cost seniors over $4.8 billion in 2024 alone. In response, Chairman Scott and his colleagues sent a letter to Secretary of State Marco Rubio, Secretary of the Treasury Scott Bessent, and U.S. Secret Service Director Sean Curran encouraging their agencies to prioritize coordinated efforts to dismantle any and all foreign networks behind international financial scams. Senator Scott is also leading the GUARD Act in the Senate to combat fraud and financial scams targeting our seniors.
Chairman Rick Scott said, “Our seniors are being relentlessly targeted by organized, international scams, many of which are run by foreign entities stealing billions from hardworking Americans every year. With my STOP Scammers Act, we’re giving the Treasury Department the tools it needs to go on offense: blocking assets, shutting down access to U.S. networks, and cutting off the communication pipelines these criminals exploit. I am fully committed to standing up for our aging community who have contributed so much to our country and deserve to enjoy their golden years in peace and financial security. Fraud prevention isn’t just a financial issue, it’s a matter of national security and dignity for older Americans. Through efforts like National Slam the Scam Day, our fraud hotline, and now this legislation, we’re building a stronger, smarter defense against fraud to shut these operations down and ensure our seniors are no longer easy targets.”
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