Palmetto State News

At a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on consumer fraud and scams, Senator Tim Scott (R-S.C.), the committee’s top Republican, commended law enforcement for their efforts to combat financial crime and protect Americans. He also recognized state financial regulators and financial institutions for their work in educating consumers about various scams.

Senator Scott expressed gratitude to Carri Grube Lybarker, Administrator of the South Carolina Department of Consumer Affairs, for her testimony and expertise on improving technology and education to prevent these crimes.

In his opening remarks, Senator Scott stated: "First and foremost, I want to start today by thanking our law enforcement partners at the state and the federal level. Every day, our law enforcement members work tirelessly to combat crime—including financial crime—and to protect and defend victims in every community around the country."

He emphasized that frauds and scams are criminal acts deserving appropriate punishment. Scott also acknowledged the critical role of regulators and financial institutions in educating consumers about warning signs of popular frauds and scams.

"The first step to stopping fraud is ensuring people are equipped with the tools to recognize the very fraud that so many of us fall victim to," he said. Highlighting the vulnerability of seniors, he noted: "Unfortunately, criminals often prey on our most vulnerable, which of course would be our seniors."

Scott shared his experiences as Ranking Member of the Aging Committee where he learned about the severe impact these crimes have on seniors. He advocated for hearings focused on such frauds and issued an annual “Fraud Book” to raise awareness.

Looking forward to hearing from witnesses at the session, Scott expressed hope that it would not devolve into assigning blame but rather focus on collaborative solutions. He stressed education as part of the solution: "If we can help more Americans access financial education, we can help them have the tools to both protect themselves as well as achieve financial freedom."

Scott praised Carri Grube Lybarker's initiative “ditch the pitch,” aimed at reducing scam impacts through concise communication. He underscored that all demographics are targets for scammers who use new technologies for exploitation.

"Just like we are working to use new technologies to drive efficiencies and choice—criminals are using new technologies to pad their own pockets at someone else’s expense," he remarked.

Concluding his remarks, Scott reiterated his appreciation for law enforcement, regulators, and financial institutions' efforts in combating financial crime while promoting consumer education.

"I am really proud of a lot of the good work being done to better educate people of all ages on the frauds and scams they face," he said.

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