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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Nov 17, 2020.
Fraud and Scam Reduction Act
This bill expands activities to address mail, telephone, and internet fraud, particularly such scams targeting older adults, Indian tribes, or tribal members.
The bill establishes a Senior Scams Prevention Advisory Group, which must create model educational materials to educate employees of retailers, financial-services companies, and wire-transfer companies on how to identify and prevent scams that affect older adults.
Further, the Federal Trade Commission (FTC) must establish an advisory office in the Bureau of Consumer Protection to assist the FTC in monitoring scams targeting older adults, educating consumers, and receiving complaints. The FTC also must report not later than 30 days after enactment of this bill on scams targeting older adults and provide policy recommendations to prevent such scams, including scams related to future national emergencies. The FTC must make available on its website information related to scams targeting older adults and coordinate with media outlets and law enforcement to disseminate such information.
Additionally, the FTC must report on, and make publicly available, information about unfair or deceptive acts or practices targeting Indian tribes or tribal members, including efforts to prevent such practices and pursue those who use them.
Finally, the FTC must report on efforts to collaborate with state attorneys general to prevent, publicize, and penalize fraud and scams against individuals, including the roles of relevant stakeholders, mechanisms for cooperation, and appropriate resource allocation.