CONNECT WITH US
Fintech

Fintech

Congress Wants to Unplug the Scam Call Factory

PYMNTS – Fintech logo

Published on

Add as a preferred source on Google
Congress Wants to Unplug the Scam Call Factory

A pair of representatives last week unveiled legislation targeting one piece of the increasingly industrialized fraud economy.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

Reps. Jefferson Shreve of Indiana and Rob Menendez of New Jersey introduced the Stop SIM Box Scams Act, which would ban manufacturing, importing, selling, leasing, advertising, owning or operating SIM boxes. It would also direct the Federal Communications Commission to coordinate with federal law enforcement to block imports and pursue the scam syndicates using them.

SIM boxes are devices that hold hundreds of SIM cards. Scammers use them to cycle through phone numbers to disguise their location when targeting potential victims. They are often employed in so-called pig-butchering scams in which criminals gradually develop relationships with victims over the phone to persuade them to send money to the scammer. Industrial-scale SIM farms located overseas use the devices to appear to be calling from a local number.

“That ‘local’ Indiana number on your phone may be a scammer calling from halfway around the world,” Shreve said in a Thursday (Oct. 1) press release announcing the bill. “I wrote this bill to stop scammers from using these machines to pose as our neighbors.”

“Scammers shouldn’t be able to use our area codes to rip off our communities,” Menendez said in the release.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.