The Federal Trade Commission has issued a report that examines more effective ways to protect consumers from fraudulent financial schemes.
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In the report, the FTC staff recommends six ways for the agency to improve the effectiveness of its anti-fraud program:
Extending the FTCs outreach to under-served communities;
Improving victim assistance by referring individuals who file complaints to appropriate social services organizations;
Combating fraud by enlisting the help of third parties, targeting third-party enablers and facilitators, and initiating a rulemaking under the Telemarketing Sales Rule to address problems related to the use of remotely created checks;
Providing law enforcement and legal services organizations with training on the use of new technologies to fight fraud and improving law enforcement coordination;
Expanding the number of contributors to the FTCs Consumer Sentinel database and making additional fraud data accessible to law enforcers; and,
Encouraging additional research on victims and fraudsters.
The House of Representatives recently approved financial reform regulation that sets up a Consumer Financial Protection Agency. The Senate is at work on its own version of the bill, which the Obama administration hopes to pass early next year.