Parker: Strengthening financial protections for vulnerable Texans in an age of increasing cybercrime

By Texas State Senator Tan Parker

In an increasingly digital world, cybercrimes are becoming more sophisticated and pervasive. Every day, people are lured into scams such as fake warrants, jury summons, bogus online orders, fictitious overpayments, and even blackmail. Some have received elaborate ransom demands for a loved one, exploiting their worst fears. These schemes are designed to frighten people into relinquishing their financial information. The scammers are relentless, convincing, and cruel. They often prey on our elderly and intellectually disabled, stealing thousands of dollars and draining people of everything they have – with no remorse.

These cyber and financial attacks are an evil scourge on our society, and we must strengthen our commitment to safeguarding Texans. This includes taking further action to enhance our laws, increase penalties for those who prey on others, and fortify our financial security.

During my service in the Texas House of Representatives, I authored and passed landmark legislation aimed at protecting our elderly and intellectually disabled citizens from financial exploitation. This bill, known as the Elder Financial Protection Act, empowered banks to take swift action when they suspected fraud. By raising awareness among bankers and allowing them to freeze accounts in cases of suspected financial exploitation, we took a significant step toward shielding vulnerable Texans from harm.

This legislation has proven effective, but as cybercriminals grow more sophisticated, we must recognize that the battle is far from over. Scammers today are not only more elusive but often operate from foreign countries, making it even harder to bring them to justice. Texans are losing their hard-earned money – sometimes even their life savings – to these nefarious criminals.

To combat this, we must further strengthen our existing laws and enact tougher penalties on those who engage in malicious activities. This includes not only increasing the severity of punishments for those who exploit vulnerable Texans but also enhancing our ability to track and prosecute cybercriminals, no matter where they are located.

In addition, we must take proactive steps to fortify the financial security of all Texans. Promoting awareness and education to help individuals recognize and avoid potential scams is critical in this fight. One valuable resource is the website www.banksneveraskthat.com, which provides essential information on how to spot phishing scams and other common tactics used by cybercriminals. By encouraging our citizens to utilize resources like this, we empower them to protect themselves and their loved ones from financial exploitation.

However, that is only part of the solution. We must also be diligent about informing people on what to do after they fall victim to a scam. These criminals not only rob individuals of their hard-earned livelihoods but also strip them of their dignity. Too many are left feeling helpless after being scammed, and we must ensure they receive the support and resources needed to rebuild their lives.

As we approach the upcoming Texas Legislative Session, I am eager to work on solutions that protect the financial well-being of our most vulnerable citizens. By supporting new legislation that strengthens our laws, enhances penalties for cybercriminals, and fortifies our financial security, we can ensure Texas remains a leader in addressing the growing threat of cybercrimes that disproportionately affect those least able to protect themselves.

I encourage you to share your thoughts on this and other policy ideas important to you and your family. Please send a note to [email protected] or call your Capitol office at 512-463-0112. You can also follow me on social media at @TanParkerTX. It is an honor to serve you in the Texas Senate, and I look forward to staying in touch!

Steps to Take if Financial Fraud Occurs:

1. Contact your bank to freeze your account or reverse unauthorized transactions.
2. File a police report with local law enforcement for investigation and insurance purposes.
3. Report the fraud to the FTC at IdentityTheft.gov for a personalized recovery plan.
4. In Texas, contact the Attorney General’s Consumer Protection Division for assistance.
5. Place a fraud alert or credit freeze with major credit bureaus (Equifax, Experian, TransUnion).
6. Report online fraud to the FBI’s IC3 at ic3.gov.
7. Visit consumerfinance.gov for issues involving financial products.
8. Visit the American Bankers Association for tips.