State Banking Officials: hold telecom &social media liable for fraud

Kansas Banking regulators are calling for legislation that will “hold telecommunications providers and social media platforms liable for fraudulent activity that results in losses for banks.” The starting point is House Bill 2648 that requires social media platforms to verify the identity of advertisers, give users a clear and conspicuous tool to report suspected fraud, and investigate reports of fraud within 72 hours.

Officials told the story of an elderly woman who was defrauded to contribute to a fraudulent scholarship in her late husband’s name.

Kansas Reflector | Kansas banking officials ask lawmakers to hold social media, phone companies liable for fraud