The new law expands the FTC’s powers so it can share information about cross-border online fraud with foreign law enforcement authorities.
A top FTC official said at a hearing earlier this year that the bill has equipped the agency with tools that has helped it crack down on fraud cases that would have cost American consumers millions of dollars. Since the bill was first enacted, the trade agency said it has conducted more than 100 investigations into cross-border fraud and scams.
“This is a win-win. It’s good for American consumers. It’s good for the future of e-commerce. And it’s the right thing to do for our nation and our friends around the world,” Bono Mack said in a statement. “With nearly 1.5 billion credit cards in use in the United States, nearly everyone in America has a stake in making certain that the FTC has the powers it needs to fight online fraud.”
At times it seems as if Southern Ontario is filled with crooks who live only to operate cross-border online scams. The recent Jamaican lottery scam is another example of how cheap and pervasive technologies act as enablers to a new breed of cottage-industry fraudsters.
Thanks to Jennifer Martinez and The Hill, and
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