Kansas banking leaders are urging state lawmakers to take action against the growing wave of financial scams by holding social media platforms and phone companies more accountable.
Officials say many fraud schemes now originate through online platforms or text messages, where scammers pose as trusted contacts or institutions to trick victims into sending money or sharing sensitive information. Banks often end up dealing with the fallout, even though they aren’t the source of the scam.
Industry representatives told legislators that stronger laws could help shift some responsibility to the companies whose platforms are used to carry out the fraud. They contend that requiring those companies to take more steps to detect and prevent scams before they reach consumers is necessary.
Lawmakers are now considering whether new regulations could help curb the problem, as fraud cases continue to rise across the state.
