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CR support for AB 1320 – requiring MSBs to post a telephone number

Consumer Reports supports AB 1320,  which requires licensed money services businesses (MSBs) to provide a telephone number on their website and share it in written communications with customers. MSBs frequently lack a point of telephone contact, leaving a gap scammers are happy to fill, posting phone numbers and abusing people who contact them by inducing callers to share sensitive information, and ultimately, resulting in lost consumer funds. AB 1320’s telephone requirement can help thwart fraud.