Report on the state of scams in the United States

(a) In general Not later than 2 years after the date of the enactment of this Act, the Secretary of the Treasury and the Director of the Financial Crimes Enforcement Network in consultation with the Attorney General, the Secretary of Homeland Security, and the appropriate Federal banking agencies and Federal functional regulators shall submit a report to the Congress on the state of scams in the United States that— (1) estimates— (A) the number of financial fraud, pig butchering, elder financial fraud, and scams committed against American consumers each year, including— (i) attempted scams, including through social media, online dating services, email, impersonation of financial institutions and non-bank financial institutions; (ii) successful scams, including through social media, online dating services, email, impersonation of financial institutions and non-bank financial institutions; (B) the number of consumers each year that lose money to one or more scams; (C) the dollar amount of consumer losses to scams each year; (D) the percentage of scams each year that can be attributed to— (i) overseas actors; and (ii) organized crime; (E) the number of attempted scams each year that involve the impersonation of phone numbers associated with financial institutions and non-bank financial institutions; (F) an estimate of the number of synthetic identities impersonating American consumers each year; (2) provides an overview of the Federal civil and criminal enforcement actions brought against the recipients of the proceeds of financial fraud, pig butchering, elder financial fraud, and scams in the period covered by the report that includes— (A) the number of such enforcement actions; (B) an evaluation of the effectiveness of such enforcement actions; (C) an identification of the types of claims brought against the recipients the recipients of the proceeds of financial fraud, pig butchering, elder financial fraud, and scams; (D) an identification of the types of penalties imposed through such enforcement actions; (E) an identification of the types of relief obtained through such enforcement actions; and (F) the number of such enforcement actions that are connected to a Suspicious Activity Report; and (3) identifies amounts made available and amounts expended to address financial fraud, pig butchering, elder financial fraud, and scams during the period covered by the report by— (A) the Bureau of Consumer Financial Protection; (B) the Department of Justice; (C) the Federal Bureau of Investigation; (D) the Federal Communications Commission; (E) the Board of Governors of the Federal Reserve Board; (F) the Federal Trade Commission; (G) the Financial Crimes Enforcement Network; (H) the Securities and Exchange Commission; and (I) the Social Security Administration. (b) Solicitation of public comment In carrying out the report required under subsection (a), the Secretary of the Treasury shall solicit comments from consumers, social media companies, email providers, telecommunications companies, financial institutions, non-bank financial institutions.

Not later than 2 years after the date of enactment of this Act, and two years thereafter, the Secretary of the Treasury, acting through the Director of the Financial Crimes Enforcement Network, shall submit a report to Congress on the state of financial fraud, pig butchering, elder financial fraud, and scams, based on information available to the Financial Crimes Enforcement Network, that— (1) relies on information reported to or otherwise available to the Financial Crimes Enforcement Network; (2) analyzes trends in suspected financial fraud, pig butchering, elder financial fraud, and scams, as reflected in reports filed under subchapter II of chapter 53 of title 31, United States Code (commonly referred to as the Bank Secrecy Act), including— (A) the volume of relevant reports; (B) the aggregate dollar amount associated with the reports; (C) typologies and methods identified through the reports; and (D) the role of digital assets in the reports; and (3) summarizes activities conducted in cooperation with law enforcement, including the Rapid Response Program, during the period covered by the report, including— (A) the number of referrals received from law enforcement; (B) the aggregate dollar amount of funds for which interdiction was sought; (C) the aggregate dollar amount of funds successfully interdicted or recovered; and (D) any limitations affecting the activities, including limitations arising from reliance on law enforcement referrals.