Fraud and Scam Reduction Act

Fraud and Scam Reduction Act Approved by Congress in March

In March, Congress approved the Fraud and Scam Reduction Act in order to better aid the Federal Trade Commission’s (FTC) ability to prevent and respond to violations aimed, increasingly, at older Americans. The bipartisan act will establish a Senior Scams Prevention Advisory Group, composed of high-level federal government officials and private sector representatives, to prevent scams targeting seniors.

During the pandemic, the incidence of fraud, and particularly senior fraud, increased dramatically. The newly created office within the Bureau of Consumer Protection will advise the FTC about preventing senior fraud and assist with monitoring scams targeting seniors by mail, television, internet, telemarketing and robocalls. The office will make reported cases immediately available to the FBI, state attorneys general and other law enforcement agencies.

Amboy Bank is committed to protecting our customers and we regularly offer seminars and Senior Fair events in order to better educate and assist members of our community. Our upcoming Senior Fair will be kicking off this Friday, April 8^th, with dates running throughout the month and concluding on Friday, May 6^th, covering important topics including Senior Fraud, as well as the New Jersey Senior Tax Freeze, Benefits Checkup and Senior Loans.

Please continue to check our Security Center for updates and tips, and if you experience any security related activity with any of your Amboy Bank accounts, please contact us immediately at 877-222-6269 or reportfraud@amboybank.com.