The GUARD Act and TRAPS Act are two bills that an Iowa legislator has been bringing forward towards industry officials.

US Congressman for Iowa’s 3rd District Zach Nunn says that fraud and scams are one of the biggest areas that his office has worked on with law enforcement, hometown financial lenders, credit unions, banks, and many others. He tells Raccoon Valley Radio why these bills are important not only to Iowans, but the nation as a whole.

“The bleed out in financial fraud to the average Iowa victim is about $9,000, which means some of these folks are losing tens of thousands of dollars, if not their life savings in the overall expense. For Iowa’s economy alone, it bleeds out $52 million. That’s money that is just gone. And the other side of this that’s a national security threat is in total for the U.S. right now, we lose about $150 billion.”

Nunn mentions that the majority of those conducting fraud and scams are organized criminal syndicates and cartels. He adds that the GUARD Act puts real safeguards into place to try and keep these crimes that are funding threats to the nation from happening.