WASHINGTON, D.C. – The Financial Technology Association (FTA) joined a coalition of trade associations in submitting comments with the Federal Communications Commission (FCC) backing stronger “know your customer” requirements for voice service providers that originate calls.
The coalition supports requiring providers to collect robust identifying information from business callers, including formation records, physical address, and intended use, before letting them place calls. It also urges the FCC to require proof of bonding, conviction checks for telemarketing violations, and equal scrutiny for low- and high-volume callers alike, plus a codified $2,500 per-call forfeiture, more enforcement funding, and a ban on SIM boxes.
The push comes as the FTC estimates 2024 fraud losses topped $196 billion, much of it enabled by spoofed caller ID. One provider cited in the filing went from zero to 136 million calls a month within two months of opening, most of them illegal.
Read the full joint trades letter here.
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