GUARD Act

Key Points

• This bill allows local, state, and tribal police to use federal grant money they already receive to investigate financial crimes like 'pig butchering' and scams targeting seniors. This means police can use existing funds to hire experts or buy software specifically for these cases.
• It specifically targets 'pig butchering,' a common scam where criminals build trust with victims over time to trick them into making fake cryptocurrency investments. Once the victim puts in a large amount of money, the scammer disappears with the funds.
• Federal agencies would be authorized to share high-tech tools with local police to help them track money moving through blockchain and other new technologies. This helps smaller departments follow the digital trail of stolen money that often goes across state or national borders.
• The Treasury Department would be required to create a massive report on the state of scams in America. This report would track how much money people lose, how many scams are run by organized crime groups overseas, and how effective the government has been at getting money back for victims.
• Police departments that use these funds must report their progress every year. They will need to show how many cases they handled and if the new tools actually helped them catch more scammers or protect more people in their communities.

Votes

No votes have been recorded for this legislation yet.