TOPEKA, Kan.–In the wake of what it said has been a year long Fight the Fraud campaign, Kansas’ credit unions have been successful in getting legislation passed and signed by Gov. Laura Kelly that is designed to help fight fraud.
HB 2591 provides consumer safeguards and new tools to help credit unions better protect their members from fraud, according to America’s Credit Unions. Representatives of the Kansas Credit Union Association, a subsidiary of Cornerstone League, were on hand for the signing, were on hand for the signing.
“The association’s public awareness and legislative effort was designed to educate Kansans on how to protect themselves from common fraud schemes and to give financial institutions additional tools to help stop fraud before it happens,” America’s Credit Unions said. “HB 2591 allows credit unions to establish a “trusted contact” program, giving members the option to designate a trusted family member or friend who may be contacted if the credit union suspects the member is the victim of a scam.”
What’s Included
The legislation also:
- Establishes new regulations for cryptocurrency kiosks, which have become a major pipeline for fraudsters seeking to steal money from unsuspecting victims, as the CU Daily has reported.
- Requires kiosk operators to register as money transmitters, post clear warning notices on their machines, and create a withholding period during which customers may be eligible for a refund.
