Today, Chairman Blaine Luetkemeyer (MO-03) questioned witnesses during the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, hearing entitled “Protecting Americans' Savings: Examining the Economics of the Multi-Billion Dollar Romance Confidence Scam Industry.”

Background: Confidence scams are a deceptive scheme where the scammer gains the victim's trust over time to manipulate or defraud them. The scammer typically builds a relationship with the victim, often through emotional or personal connections, and uses that trust to trick the victim into giving money, personal information, or other assets.

“We have an unknown type of new threat to our citizens, their property, and their life savings. The U.S. financial system has safeguards in place to stop money laundering and the financing of terrorism. However, the victims of confidence scams are still able to wire significant amounts of foreign money to foreign accounts. Oftentimes, a scammer prepares a victim to circumvent safeguards like suspicious activity reporting, said Chairman Luetkemeyer.”

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