US Senators Introduce SCAM Act to Combat Fraudulent Social Media Ads

• Senators Ruben Gallego and Bernie Moreno unveil bipartisan 'Safeguarding Consumers from Advertising Misconduct Act' (SCAM Act).
• The bill mandates social media platforms to vet advertisers and curb scam ads, or face action from FTC and state attorneys general.
• Senator Moreno highlights that social media companies' business models enable scams targeting Americans.
• Senator Gallego emphasizes companies' responsibility to ensure ads on their platforms are not fraudulent if they profit from them.
• The legislation requires platforms to verify advertiser IDs and act swiftly on scam reports, with non-compliance treated as deceptive practice under the FTC Act.