Date ______
Dear ___________________
In its latest Consumer Protection Data Spotlight, the Federal Trade Commission (FTC) says 2021 was a banner year for social media scammers, with $770 million in just social-media–originated fraud losses reported to the agency. There was $5,800,000,000 (Billion) in total reported fraud in just 2021, much of it impacting elderly persons. There is undoubtably MUCH more that was never reported.
It is time to take a simple and necessary step that would stop fraud Before it occurs. Congress can no longer ignore the increase of fraud without action.
The attempt to educate people about fraud has proven to be a failure. Recovery is a nightmare. What needs to be addressed is breaking the connection between an account holder and the person perpetrating the fraud.
A description of a system that does that is available at the following website: https://elder-security.com/
It will control fraud from a checking account to credit cards to IRAs or any institution that can transfer money.
Please do not ignore this information. It describes a system that would work to stop fraud for anyone of any age and for any set amount.
It requires congressional action to implement.
This will work.
Sincerely,
_________________________________________
Preventing Financial Fraud 