Parker: Strengthening Financial Protections for Vulnerable Texans in an Era of Rising Cybercrime – Cross Timbers Gazette | South Denton County | Flower Hill

By Texas Senator Tan Parker

In an increasingly digital world, cybercrimes are becoming more sophisticated and ubiquitous. Every day, people are lured into scams such as false arrest warrants, jury summons, fake 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 scare people into giving away their financial information. The scammers are ruthless, persuasive and cruel. They often prey on our elderly and mentally challenged, stealing thousands of dollars and depriving people of everything they have – without remorse.

These cyber and financial attacks are a vicious scourge on our society, and we must strengthen our commitment to protecting Texans. This includes taking further action to improve our laws, increase penalties for those who prey on others, and strengthen our financial security.

During my service in the Texas House of Representatives, I authored and passed groundbreaking legislation aimed at protecting our elderly and intellectually disabled citizens from financial exploitation. This bill, known as the Elder Financial Protection Act, gave banks the authority to take swift action if they suspected fraud. By raising awareness among bankers and allowing them to freeze accounts in cases of suspected financial exploitation, we have taken an important step toward protecting vulnerable Texans from harm.

This legislation has proven effective, but as cybercriminals become more sophisticated, we must recognize that the fight is far from over. Scammers are not only more elusive these days, but often operate from abroad, making it even more difficult 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 impose stricter penalties on those who engage in malicious activities. This includes not only increasing the severity of penalties for those who exploit vulnerable Texans, but also increasing our ability to track and prosecute cybercriminals no matter where they are.

Additionally, we must take proactive steps to strengthen the financial security of all Texans. Promoting awareness and education to help individuals recognize and avoid potential scams is critical in this fight. A valuable resource is the website www.banksneveraskthat.comwhich provides essential information on how to spot phishing scams and other common tactics used by cybercriminals. By encouraging our citizens to use such tools, 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 in educating people about what to do after falling victim to a scam. These criminals not only deprive individuals of their hard-earned livelihood, but also strip them of their dignity. Too many people feel helpless after being scammed, and we need to make sure they get 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, increases penalties for cybercriminals, and strengthens our financial security, we can ensure that Texas remains a leader in addressing the growing threat of cybercrime that disproportionately affects those least able to protect themselves hits hard.

I encourage you to share your thoughts on this and other policy ideas that are important to you and your family. Send a message 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 connecting with you!

Steps to be taken if there is financial fraud:

1. Contact your bank to freeze your account or reverse unauthorized transactions.
2. File a police report with local law enforcement for investigative and insurance purposes.
3. Report the fraud to the FTC Identitytheft.gov for a personal recovery plan.
4. In Texas, you can 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 fraud online to the FBI’s IC3 ic3.gov.
7. Visit consumerfinance.gov for issues relating to financial products.
8. Visit the American Bankers Association for tips.